The Asian Development Bank (ADB) has extended US$ 100 million in grants to help reduce poverty in isolated areas of Nepal to ensure more inclusive and sustainable economic growth.
A statement issued Wednesday by the ADB said the Rural Reconstruction and Rehabilitation Sector Development Program would also receive a US$ 10 million loan from the OPEC Fund for International Development. The loan will be managed by ADB.
Through this support, ADB said it would provide much needed resources to promote good governance and poverty reduction by improving the policy environment for inclusive growth and reconstructing and rehabilitating rural infrastructure in remote areas of Nepal,
The assistance package is made up of a US$ 50 million programme grant from ADB, and a project grant, which will be funded by another US$ 50 million grant from the Bank, the loan from OPEC Fund for International Development, US$ 15.7 million from the government of Nepal, and US$ 2.7 million from beneficiaries.
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