1 June 2020, Kathmandu
The Government of Nepal and the Asian Development Bank today signed on a loan agreement of 250 million US dollars equivalent to 30 billion rupees for the COVID-19 Active Response and Expenditure Support (CARES) Program to respond the impacts caused by COVID-19.
This is a concessional loan to be provided as budgetary support.
The program will support the Government to strengthen its public health system by scaling up its testing laboratories, establishing quarantine facilities in all provinces, and enabling quality health service for prevention among others, says a statement issued by the ADB here today.
The program will also support the government to mitigate the adverse economic and social impacts of the pandemic, particularly on the poor and vulnerable.
The agreement was signed by Finance Secretary Sishir Kumar Dhungana and ADB Country Director for Nepal Mukhtor Khamudkhanov in the presence of finance minister Dr. Yubaraj Khatiwada.
The ADB has also expressed its full commitment to supporting Nepal in this challenging time and work closely with the government in implementing this program to support Nepal in fighting the pandemic and reduce impacts on people, adds the statement.