ADB to Provide Nepal with $165 Million Concessional Loan for Water Supply and Customs Modernization
The Asian Development Bank will provide Nepal with a concessional loan of $165 million to improve water supply, sanitation, and modernize customs administration.
The Asian Development Bank (ADB) has agreed to provide the Government of Nepal with US$165 million in concessional financing to support water supply, sanitation, and customs modernization projects.
Two separate loan agreements were signed at the Ministry of Finance on Monday in the presence of Finance Minister Dr. Swarnim Wagle and ADB President Masato Kanda.
The agreements were signed by Finance Secretary Dr. Ghanshyam Upadhyaya on behalf of the Government of Nepal and Arnaud Cauchois, ADB's Country Director for Nepal, on behalf of the bank.
Under the agreements, US$115 million will be invested in the Integrated Water Supply and Sanitation Sector Project, while US$50 million will be allocated to the modernization of Nepal's customs administration.
Following the signing ceremony, Finance Minister Dr. Wagle appreciated ADB's continued support for Nepal's sustainable development and expressed confidence that cooperation between Nepal and ADB would continue to strengthen.
ADB President Masato Kanda reaffirmed the bank's commitment to Nepal, highlighting more than six decades of partnership and pledging continued support to help the country address both domestic and external economic challenges.