KATHMANDU, June 30: The Asian Development Bank (ADB) has granted Nepal a loan of 50 million US dollars (approximately Rs 6.6 billion). The loan has been sanctioned to support the policy reforms aimed at enhancing Nepal's internal and external trade.
Recognizing the pivotal role of trade and industry in Nepal's economy, which currently contributes 14.1 percent to the country's gross domestic product, the government has been actively working towards improving the business environment and promoting exports. A key focus has been placed on strengthening the supply chain for primary commodities to bolster the business sector's contribution to the overall GDP.
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The allocated funds from ADB will be utilized for vital areas such as customs, logistics, transport, and ports. "Enhancing trade and industry development will foster competitiveness and facilitate sustainable economic growth," remarked Thiam Hee Ng, the Director of Regional Cooperation and Operational Coordination in ADB's South Asia Department. Thiam Hee Ng further emphasized that improved trade facilitation can play a crucial role in boosting exports and addressing Nepal's balance of payments.
