Nepal and ADB sign agreement for over Rs 13 billion concessional loan

concessional loan

Kathmandu, November 24

Nepal and the Asian Development Bank (ADB) signed an agreement for a concessional loan amounting to Rs 13.3 billion (USD 100 million) for the implementation of programmes of Public Finance Management and Strengthening Service Delivery.

An agreement was signed between Finance Secretary Krishna Hari Pushkar and Asian Development Bank Nepal’s Regional Country Director Arnaud Cauchois at the Ministry of Finance on Friday.

“Public Finance Management and Strengthening Service Delivery are the major priorities of the government. This (concessional loan) would support in the implementation of restructuring public finance as well as in fiscal federalism,” Finance Secretary Pushkar said.

Pushkar added the government has been actively working to enhance public finance management and improve public service delivery through various reformative measures in the current fiscal year’s budget, stated the Finance Secretary.

Similarly, Regional Director Cauchois expressed his confidence that the loan would assist in making Nepal’s financial system sustainable and make the government’s periodic programmes more effective.

Cauchois further said that the loan to be obtained from the ADB under this title was linked to Nepal’s medium-term and long-term national plan to upgrade Nepal to a middle-income country by 2030.

It is a concessional loan obtained by Nepal for budgetary assistance. The first phase of the Public Finance Management and Strengthening Service Delivery has been implemented.

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