Asian Development Bank agrees to provide Rs 15.4 billion loan assistance
KATHMANDU, Nov 27: The Asian Development Bank (ADB) is to provide loan assistance of US Dollars 150 million (approximately Rs 15.4 billion) for the implementation of Regional Urban Development Project.
Shankar Prasad Adhikari, Secretary at the Ministry of Finance, and ADB country director Mr Mukhtor Khamaudkhanov signed an agreement to this effect amidst a program at the Finance Ministry on Monday.
The project investment will cover the eight municipalities located in southern Terai and far west of Nepal that include Birgunj, Biratnagar, Siddharthanagar, Nepalgunj, Bhimduttanagar, Dhangadhi, Godawari and Shuklaphanta municipalities.
The Ministry of Urban Development is the executing agency of the project while implementing agencies are the concerned municipalities and the Kailali based office of Department of Urban Development and Building Construction. The project is expected to complete by five years (31st December, 2022).
The project will enhance urban infrastructure in the Terai region, reducing the flooding duration to less than an hour in those eight municipalities. This includes the construction and rehabilitation of 200 kilometers of storm water drains, improvement of 240 km of roads, construction of at least 40 km of footpaths, building four sanitary landfills and resource recovery centers, and construction of 20 km of sewers.
Following the signing in ceremony, Secretary Adhikari said with the completion of the project, the concerned municipalities will get sources of regular income and the completion will help maintain urban environment. On the occasion, he urged the Urban Development Ministry and its subordinate bodies to complete the project on time.
ADB country director Khamudkhanov said the ADB is ever ready to collaborate with Nepal in the implementation of Nepal Government’s national urban development strategy.
The Government of Nepal has expressed its sincere appreciation to the ADB for this assistance and its continued support in the socio-economic development of Nepal. RSS