KATHMANDU, Nov 20: The Asian Development Bank has agreed to provide US Dollar 343.9 million as development assistance for two projects.
At a program organized at the Ministry of Finance today, Secretary at the 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 agreement to this effect.
One of these two projects consists of US Dollar 180 million for South Asia Sub-Regional Economic Cooperation (SASEC) Highway Improvement Project and the other project consists of US Dollar 163.9 million for Disaster Resilience of School project.
The loan proceeds available under SASEC Highway Improvement Project will support for rehabilitation and widening about 87 kilometres of the East West Highway between Kanchanpur and Kamala in eastern Nepal for improvement of road safety as well as Gender Equality and Social Inclusion as well as for strengthening of road safety and GESI capacity of road sector agencies.
The completion of this project will contribute for improving 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 and will eventually promote economic growth.
The loan and grant agreement for Disaster Resilience of School Project supports to make disaster resilience of school infrastructure by reconstructing of heavily damaged schools, retrofitting of unsafe schools and strengthening the institutional capacity for disaster resilience.
On the occasion, the government of Nepal expressed its sincere appreciation to the ADB for the loan and grant assistance and for continued support in the socio-economic development of Nepal.