Nepal Signs Loan Agreement Worth $358m with ADB

The Asian Development Bank (ADB) and the Government of Nepal have signed a loan agreement of USD 358 million for four new projects, on December 10, 2019.

The agreement was signed by Rajan Khanal, Secretary at Ministry of Finance, Nepal and Mukhtor Khamudkhanov, Country Director, ADB.

Loan allotment at a glance:

• USD 195 million to upgrade Pokhara-Mugling highway.
• USD 63 million to purify Bagmati river basin and enhance flood management.
• USD 50 million to aid small farmers by enhancing their livelihoods and income levels.
• USD 50 million to support government in deploying necessary reforms in agriculture and food safety.

After the agreement, Kanal thanked ADB for its long-standing support to the government’s plan for the betterment of the country.

Meanwhile, Mukhtor said that Nepal can further leverage the opportunities of increased loan lending limit as it has good portfolio performance.

Let’s hope that this loan agreement will help the Nepali Government to move ahead in their journey towards sustainable development!!