ADB approves $321 million loan

April 10, 2003
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Asian Development Bank (ADB) Thursday approved a $321 million loan for a three-year rolling plan from 2004 to 2006 averaging $ 107 million a year, the Bank said.

The loan, with a $4 million technical assistance component for 32 projects, was approved at the end of the Bank’s annual country programme mission from March 31 to April 10.

“Nepal continues to face formidable political and economic difficulties. ADB greatly welcomes the recent ceasefire and hopes that this will lead to meaningful negotiations and a lasting peace.

“The ADB welcomes the efforts made by the Government to address chronic problem of poor programme and project implementation. During this period, efforts have begun, in particular, under the Immediate Action Plan approved last year, to improve service delivery.

“Equally, there has been been notable progress in other areas of governance, including expenditure management and prioritization and in the area of anti-corruption,” the Bank said. nepalnews.com br April 10