KATHMANDU: The Government of Nepal and the World Bank signed a $450 million (around Rs. 54 billion) Financing Agreement that will help Nepal improve the efficiency and safety of transport infrastructure, improve the efficiency of cross-border trade, and strengthen capacity for strategic road network management.

This is the single largest value project that the Government of Nepal has signed with the World Bank.

In the presence of Finance Minister Dr. Yuba Raj Khatiwada, the agreement was signed by the Finance Secretary, Sishir Kumar Dhungana on behalf of the Government of Nepal and the World Bank Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos.

“We thank the World Bank Group for supporting this important project which will enhance connectivity and country integration along with cross border markets to support post-COVID-19 recovery, stated Honorable Finance Minister, Dr. Yuba Raj Khatiwada.

“Connectivity is high on the rapid and sustainable development agenda of Nepal. Sustainable transport and sustainable, inclusive and high-quality infrastructure are of cross-cutting importance for accelerating economic growth, national and regional economic integration and attaining the sustainable development goals,” he added.

The Strategic Road Connectivity and Trade Improvement Project supports Nepal’s connectivity and trade with neighboring countries including India.

It will improve the Nagdhunga-NaubiseMugling road and upgrade the Kamala-Dhalkebar-Pathlaiya road to four-lane. The Project will also enhance infrastructure, facilities and sanitation at border crossing points to ease trade constraints and spur agricultural exports.

Amid the COVID-19 pandemic, the Project will also support better screening of goods and people at border facilities, and develop guidance for special working arrangements, such as safe distancing and remote working.