The Government of Nepal has signed a loan agreement with the Asian Development Bank worth approximately Rs 25 billion for water supply, sewage management, and logistics improvements.
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The Nepal government is set to borrow about $165 million (about Rs 25 billion) from the Asian Development Bank (ADB). The concessional loan agreement was signed between Nepal and the bank during the visit of ADB President Masato Kanda.
According to Amrit Lamsal, spokesperson for the Ministry of Finance, Nepal and ADB have signed a loan agreement for the Integrated Water Supply and Sewerage Management Program, South Asian Subregional Economic Cooperation (SASEC) and Logistics Improvement Program.
In the presence of Finance Minister Swarnim Wagle and ADB President Kanda, Finance Secretary Ghanshyam Upadhyay and ADB Country Director Ano Kushwa signed the agreement on behalf of Nepal.
According to spokesperson Lamsal, a loan agreement of $115 million for the Water Supply and Sewerage Management Program and $50 million for the South Asian Subregional Economic Cooperation (SASEC) and Logistics Improvement Program has been signed. The Ministry of Finance has stated that the funds will be mobilized as budgetary support for reforms in customs procedures and logistics service modernization.
Finance Minister Wagle highly appreciated the assistance received from the Asian Development Bank in Nepal's development and expressed confidence that this partnership will be further strengthened in the coming days. ADB President Kanda expressed his commitment to continue the six-decade-long cooperation with Nepal in a continuous and more effective manner.
