February 12, 2018: Agreement with Asian Development Bank
Asian Development Bank (ADB) has agreed to provide US$ 100 million (approximately NRs. 10 billion) for Rural Connectivity Improvement Project. An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, today.
Mr. Shankar Prasad Adhikari, Secretary, Ministry of Finance and Mr. Mukhtor Khamudkhanov, Country Director, Nepal Resident Mission, Asian Development Bank signed the Loan Agreement on behalf of the Government of Nepal and the ADB respectively.
This project will upgrade 388 kilometers of rural roads to all-weather standards, serving the agriculture sector and bring access to 7.5 million people in 16 districts. This project is in line with the goal of the Government's Agriculture Development Strategy signed in 2015 of encouraging commercial agriculture, increasing productivity, creating new rural jobs and increasing prosperity.
The objective of this project is to increase transport efficiency on project area. This project shall improve the rural road conditions between the selected rural communities, agriculture production areas and enhance capacity of rural infrastructure agency and road users in project areas.
Similarly, ADB has also agreed to provide US$ 1 Million (approximately NRS. 100 Million) to restructure the Department of Local Infrastructure Development and Agricultural Roads into a state-of-the-art rural road agency. The project is expected to be completed by 31 January 2023.
The Government of Nepal has expressed its appreciation to the ADB for this assistance and its continued support in the socio-economic development of Nepal.
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