ADB to give Rs 1.26b for trade facilitation

KATHMANDU, Feb 25: The Asian Development Bank (ADB) has agreed to provide grant assistance of US$ 15 million (around Rs 1.26 billion) to Nepal for the implementation of the South Asia Sub-regional Economic Cooperation (SASEC) Trade Facilitation Program.



An agreement to this effect was signed and exchanged at the Ministry of Finance (MoF) on Monday.[break]



A press statement issued by the MoF states that the main objective of the project is to increase intra-regional trade among the SASEC member countries that include Bangladesh, Bhutan and Nepal by reducing non-tariff barriers.



The program aims at providing efficient, effective, transparent, secure and service-oriented processing of cross-border trade in the sub-region, adds the statement.



The program will, among others, assist SASEC countries in enhancing their automated customs management systems.



Madhu Kumar Marasini, joint Secretary at MoF and Kenichi Yokoyama, country director -- Nepal resident mission of ADB, signed the pact on Monday.

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