Govt signs agreement to receives ADB loan

The government has signed an agreement with Asian Development Bank (ADB) on receiving concessional loan of some Rs 21 billion and grants of some Rs 700 million.

For the implementation of ‘urban resilience and livelihood improvement project’, Finance Secretary Krishna Hari Puskar and Country Director of ADB, Arnaud Cauchois in Nepal, signed the agreement in the Finance Ministry on Wednesday.

The project would be implemented in Pokhara metropolitan city, Janakpurdham sub-metropolitan city, Lumbini cultural municipality, Devdaha municipality, Sainamaina municipality, Siddhartha Nagar municipality, and Tilottama municipality.

Following signing ceremony, Finance Secretary Puskar said the local levels to get the project will get positive impacts on finance and entire ecosystem.

It would also contribute to socioeconomic status of the women and marginalized communities and help foster internship, skill and local art.

Similarly, Country Director Cauchois said the project is expected to beneficial for the concerned municipalities on their infrastructure development, tourism recovery and reform. Even the economic activities are expected to thrive, thereby contributing to revenue increase, digital transformation and capacity building.