ADB approves USD 250 million concessional loan for Nepal’s COVID-19 response

KATHMANDU: The Asian Development Bank (ADB) on Tuesday approved a $250 million concessional loan to help the government of Nepal for its response to the novel coronavirus disease (COVID-19) pandemic.

ADB in a statement stated the loan will be used for COVID-19 response which includes measures to strengthen the country’s public health systems and mitigate the adverse economic and social impacts of the pandemic, particularly on the poor.

“ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery,” said ADB President Masatsugu Asakawa.

He added that the COVID-19 pandemic continues to be a serious public health issue and will significantly impact Nepal’s overall social and economic development.

“ADB will work closely with the government and other development partners to help ensure a coordinated and effective response,” he stated.

ADB has already provided Nepal a $300,000 grant to procure medical supplies, in close collaboration with UNICEF.