In a move towards urban development, the Government of Nepal has approved the assistance provided by the Asian Development Bank (ADB) for the development and modernization of cities in the country.
A decision in this regard was taken at a Council of Ministers meeting in in Singhadarbar today.
“The meeting of the Council of Ministers held in Singhadarbar today approved the USD 150 million assistance provided by ADB for the development of cities in Nepal,” informed the Minister for Finance Gyanendra Bahadur Karki.
It is noteworthy that ADB had earlier approved a USD 150 million loan assistance for the urban infrastructure development in Nepal in the month of September 2017.
The loan was intended for development of delivery of urban services in in eight municipalities of southern Nepal.
“Improving urban infrastructure and service delivery in major urban areas in Nepal, including in the Terai region, is a must, given their importance to the country’s economy and development,” Vivian Castro-Wooldridge, an ADB Urban Development Specialist said in a statement earlier this month.
Vivian Castro further informed that the project will ensure safe, sustainable and inclusive living for the public living in the southern parts of Nepal.
As per the estimates, the Government of Nepal would need to double its urban infrastructure spending to meet the future demand for 2030.