ADB pledges Rs 6.29 billion grant aid to Nepal

The Asian Development Bank (ADB) has pledged Rs 6.29 billion grant assistance to Nepal for reconstruction and poverty alleviation projects in rural areas.

Secretary of the Finance Ministry Bidhya Dhar Malik and ABD country director Paul J. Heytens signed the aid agreement at the Finance Ministry on Monday.

The grants will be spent in reconstruction of rural infrastructure and various other projects for enhancing the access of the rural population to development and income generating programmes.

As per the agreement, half of the aid (Rs 50 million) has been allocated under budgetary support to the Nepal government for a period of four years.

This is the biggest ever ADB grant to Nepal. nepalnews.com mk Jan 14 08