ADB Greenlights $166 Million Project to Bolster Nepal's Economy

The Asian Development Bank (ADB) approved a 166 million dollar financing package on Thursday intended to boost the local economy of Nepal. To do so, it will build climate-resistant and disaster-resistant cities that will promote eco-tourism and quality of life for residents.

According to ADB, the project aims to strengthen the resilience capacities of some municipalities through infrastructure development against the adverse effects of climate change and disasters. These will involve the construction of 150 km of stormwater drainage systems, the reconstruction of 100 km of roads, and the formation of 45 km of footpaths. Bicycle lanes will also be provided to promote green and healthy means of transport.

Tourism development and preservation of historical, cultural as well as natural heritage sites in each target municipality, therefore, is also part of the initiative. Equality in gender and social issues will increase opportunities for women and other marginalized communities to gain social and economic merits.

On the other hand, the project will also support biodiversity conservation and enhance the quality of public spaces through beautification and greening approaches.