Manila [Philippines], December 14 (ANI): The Asian Development Bank (ADB) has approved a USD 166 million financing package to boost the local economy in Nepal by building climate- and disaster-resilient cities.
The ADB programme aims to contribute to the economic growth in Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities, as well as Janakpur sub-metropolitan city and Pokhara metropolitan city, the regional development bank said in a press release Thursday.
A 150-kilometre-long stormwater drainage, 100 km of roads, and 45 km of footpaths will be taken up under the ADB project.
“This project supports the government’s current National Urban Development Strategy to improve planning and investments in urban corridors and drive sustainable economic growth. It also continues ADB’s long-term engagement with Nepal to strengthen municipal governance and improve basic services delivery,” said ADB Senior Urban Development Specialist Laxmi Sharma.
“ADB’s support will help the concerned municipalities to design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”
Besides roads, the project will support the development of tourism to boost the local economy. It will improve historical, cultural, and natural heritage sites in the country.
“ADB’s financing package includes a USD 6 million grant from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries,” the release stated. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.