Friday, December 14, 2007

ADB grants 100 mln usd for poverty reduction in Nepal's remote areas

from Hemscott

MUMBAI (Thomson Financial) - The Asian Development Bank (ADB) said it is granting 100 mln usd to help reduce poverty in isolated areas of Nepal and ensure more inclusive and sustainable economic growth.

ADB said the assistance package is halved into grants of 50 mln usd each -- a programme grant from ADB and a project grant which will be funded by ADB, the loan from OPEC Fund for International Development, Nepal government and beneficiaries.

The bank said it will provide much needed resources to promote good governance and poverty reduction by improving the policy environment for inclusive growth and reconstructing and rehabilitating rural infrastructure in remote areas of Nepal.

The bank said it will focus on reducing rural poverty in hill, mountain and lowland districts in Nepal where isolation and hardship are common.

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