ADB agrees to provide US $ 344 million as development assistance
Kathmandu, November 20 : The Asian Development Bank (ADB) has agreed to provide the development assistant worth US Dollar 343.9 million for two different projects in the country.
Secretary at the Finance 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 deal to this effect in a program held in the capital today.
Of the total amount of the development assistance, US Dollar 180 million will be spent for the project on South Asia Sub-Regional Economic Cooperation (SASEC) Highway Improvement while the remaining US Dollar 163.9 million is meant for the project on Disaster Resilience of School.
Under the SASEC Highway Improvement Project, there will be widening of the 87 kilometres-long East West Highway between Kanchanpur and Kamala in eastern Nepal.
The completion of the project is expected to contribute to improve 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.
Similarly, the Disaster Resilience of School Project is directed towards building the disaster resilience of school infrastructure by reconstructing of heavily damaged schools and retrofitting of unsafe schools.
