World News | Nepal Inks USD 777 Million Loan Agreements with ADB

Kathmandu, Dec 20 (PTI) Nepal on Friday signed loan and grant agreements amounting to USD 777.6 million, equivalent to NRs 105.59 billion, with the Manila-based Asian Development Bank for infrastructure projects in the energy and water sector in the Himalayan nation.

Nepal's Finance Secretary Dr Ram Prasad Ghimire and ADB's Country Director Arnaud Cauchois signed the agreement for the projects that include phase two of water supply for the Kathmandu valley, strengthening power transmission and distribution, and another to modernise irrigation, a release said here.

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The Kathmandu Valley Water Supply Improvement Project (phase 2) aims to secure safe and reliable water supply services for people in the Kathmandu Valley.

The South Asia Subregional Economic Cooperation (SASEC) Electricity Transmission and Distribution Strengthening Project focuses on meeting Nepal's growing energy demands while supporting green electricity exports.

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Likewise, the Green, Resilient, Inclusive Development (GRID) programme to ensure that development activities are environmentally sustainable, resilient and inclusive, the release added.

The Irrigation Modernisation Enhancement Project (IMEP) focuses on modernising surface water irrigation systems of Nepal that can directly benefit families of the project area “enhancing agricultural productivity and climate resilience,” it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)