Kathmandu. The Asian Development Bank (ADB) has decided to provide concessional loan worth 165 million US dollars to the Government of Nepal.

The government of Nepal and the ADB signed two separate loan agreements amidst a program organized at the Ministry of Finance today. The entire loan would be used for drinking water, sewerage management and modernization of customs administration.

The agreement was signed by Finance Secretary Dr Ghanashyam Upadhyay and ADB Country Director for Nepal Resident Mission Arno Koshwa in the presence of Finance Minister Dr Swarnim Wagle and ADB President Masato Kanda.

As per the agreement, 115 million US dollars will be deployed for ‘Integrated Water Supply and Sewerage Management (Regional) Project’ and 50 million US Dollars will be deployed for modernization of Customs Administration.

On the occasion, Finance Minister Dr Wagle highly appreciated the assistance received from ADB in Nepal’s sustainable development endeavours and expressed confidence that this partnership would be further strengthened in the days ahead. ADB President Kanda pledged to continue its more than six decades of cooperation with Nepal to address internal and external economic challenges.