KATHMANDU: The Government of Nepal and the Asian Development Bank (ADB) have signed an agreement for a concessional loan of $160 million and a grant of $600,000.

The agreement, pertaining to the Urban Resilience and Livability Improvement Project, was signed on Wednesday at the Ministry of Finance by Secretary at the Ministry of Finance Krishna Hari Puskar and ADB’s Country Director for Nepal Arnaud Cauchois.

This project is set to be implemented in Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Lumbini Cultural Municipality, Devdaha Municipality, Sainamaina Municipality, Siddharthanagar Municipality, and Tilottama Municipality.

Following the signing of the agreement, Secretary Puskar expressed optimism that the project would have a positive impact on the financial and overall natural environmental system of the concerned municipalities.

He highlighted the project’s contributions to supporting internships for women, marginalized groups, and socio-economic development.

Nepal’s Country Director for ADB, Cauchois, stated that the projects funded by the agreement would contribute to improving infrastructure, revitalizing tourism assets, and assisting local artists.

He emphasized the collaborative efforts in revenue generation, digital transformation, and enhancing local governance capacity.

After the implementation of the agreement, the project aims to undertake the revitalization of natural, cultural, and tourism assets, strengthen institutional capacities, and support local revenue plans.