KATHMANDU, JANUARY 17

The government has signed an agreement with the Asian Development Bank (ADB) to receive a concessional loan of approximately Rs 21 billion and grants of around Rs 700 million.

For the implementation of the 'Urban Resilience and Livelihood Improvement Project,' Finance Secretary Krishna Hari Puskar and Country Director of ADB, Arnaud Cauchois in Nepal, signed the agreement in the Finance Ministry on Wednesday.

The project will be implemented in Pokhara Metropolitan City, Janakpurdham Sub-metropolitan City, Lumbini Cultural Municipality, Devdaha Municipality, Sainamaina Municipality, Siddhartha Nagar Municipality, and Tilottama Municipality.

Following the signing ceremony, Finance Secretary Puskar mentioned that the project will have positive impacts on the finances and the entire ecosystem of the local levels. It is expected to contribute to the socioeconomic status of women and marginalized communities, fostering internship, skills, and local art.

Similarly, Country Director Cauchois stated that the project is anticipated to be beneficial for the concerned municipalities in terms of infrastructure development, tourism recovery, and reform. Economic activities are expected to thrive, leading to an increase in revenue, digital transformation, and capacity building.