Asian Development Bank approves $300 m loan to improve trade in Nepal

The Asian Development Bank (ADB) has approved a $300 million loan to improve transport connectivity in Nepal to international trade routes, particularly to India and Bangladesh.

The Manila-based bank said the loan was approved on Wednesday. Image Courtesy: PTI

The Asian Development Bank (ADB) has approved a $300 million loan to improve transport connectivity in Nepal to international trade routes, particularly to India and Bangladesh.

'ADB Transport Specialist for South Asia Sin Wai Chong said the project road is along the East-West Highway, which forms part of the South Asia Subregional Economic Cooperation (SASEC) corridor, reports Xinhua news agency. The Manila-based bank said the loan was approved on Wednesday.

The project will improve road safety through features such as junctions with traffic signals, footpaths with streetlights and tactile paving surfaces, overhead pedestrian crossings, road crossings with raised platforms and bus stops equipped with lighting systems, the ADB said.

The ADB said it will provide additional financial support to develop climate change mitigation and adaptation guidelines for road projects, bidding documents, performance indicators, and long-term performance-based maintenance.

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