KATHMANDU, July 10: Asian Development Bank (ADB) is providing Nepal US$ 21 million in policy-based loan to support the government's efforts to simplify, harmonize, and modernize the country's trade processes to meet international standards.
Issuing a statement, the Manila-based regional development bank said that its board of directors has approved the loan that will support the government in developing its national policy and legal framework for trade facilitation as well as customs procedures.
The loan will also strengthen the organizational structure of Department of Customs to overall expand exports and increase export competitiveness, according to the statement.
“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” ADB quoted its Senior Economist Sonoko Sunayama in the statement.
“Hopefully, the project can help the Government of Nepal achieve this for its growth and development.”
The ADB's support is also expected to help Nepal fulfill its commitments to the Trade Facilitation Agreement of the World Trade Organization as well as related international standards on customs, according to the statement.