Kathmandu. The Asian Development Bank (ADB) on Thursday said it has approved a USD 50 million loan to the Nepal government to support the implementation of policy reforms and help improve the Himalayan nation’s domestic and international trade with key economic partners such as India and Bangladesh. Dollar loan approved.
The development of the trade and industry sector will boost competitiveness and help drive the country toward sustainable economic growth, said Thiam Hee Ng, Regional Cooperation and Operations Coordination Director, ADB South Asia Department. In addition, better trade facilitation can boost exports and help improve Nepal’s balance of payments.
In the fiscal year 2022, trade and industry contributed 14.1 percent to Nepal’s gross domestic product (GDP). According to ADB’s press release, the Government of Nepal is focusing on increasing the contribution of trade to the country’s GDP by improving the trade and export promotion environment and strengthening the supply chain of primary products. According to ADB, this program will help implement the current Customs Reform and Modernization Plan by improving customs procedures through the introduction of digital technologies such as electronic payment of customs duties and fees and electronic submission of export documents.