ADB to provide US Dollar 343.9 million

The Asian Development Bank has agreed to provide US Dollar 343.9 million as development assistance for two projects.

At a programme organised at the Ministry of Finance today, Secretary

at the Ministry, Rajan Khanal, on the behalf of the government of Nepal,

and Country Director, Nepal Resident Mission, Mukhtor Khamudkhanov, on

the behalf of ADB, signed the agreement to this effect.

One of these two projects consists of US Dollar 180 million for South

Asia Sub-Regional Economic Cooperation (SASEC) Highway Improvement

Project and the other project consists of US Dollar 163.9 million for

Disaster Resilience of School project.

The loan proceeds available under SASEC Highway Improvement Project

will support for rehabilitation and widening about 87 kilometres of the

East West Highway between Kanchanpur and Kamala in eastern Nepal for

improvement of road safety as well as Gender Equality and Social

Inclusion as well as for strengthening of road safety and GESI capacity

of road sector agencies.

The completion of this project will contribute for improving the

competitiveness of Nepal's exporting industries by enhancing the

efficiency of the transport system, strengthening national and regional

connectivity and improving the safety of the road network and will

eventually promote economic growth.

The loan and grant agreement for Disaster Resilience of School

Project supports to make disaster resilience of school infrastructure by

reconstructing of heavily damaged schools, retrofitting of unsafe

schools and strengthening the institutional capacity for disaster

resilience.

On the occasion, the government of Nepal expressed its sincere

appreciation to the ADB for the loan and grant assistance and for

continued support in the socio-economic development of Nepal. (RSS)