November 1: Nepal is all set to get concessional loan worth over Rs 16.5 billion. The United States of America has pledged to provide the aforementioned amount of concessional loan.

The United States has promised a loan of Rs 16.5 billion to Nepal's small and medium-sized industries. US Secretary of State Anthony J. Blinken has expressed his commitment to provide loan assistance of USD 125 million (Rs 16.625 million) in a recent meeting with Foreign Minister Narayan Prakash Saud.

The American aid will be channelled to small and medium industries through banks in Nepal. Stakeholders claim that the credit disbursement through banks will make the banking sector of Nepal more active.

Foreign Minister Saud and US Secretary of State Blinken held a meeting at the US State Department on Monday night. The two reportedly discussed development partnership, trade and market access, investment and technology, agriculture and food security among other issues during the meeting.

Saud pointed out the need for more support as Nepal has made an action plan for upgrading from an underdeveloped country to a medium-income nation.

Minister Saud requested the American government to assist Nepal in trade and investment, market access, agriculture and information technology development. Saud also requested to provide trade concessions for more goods produced in Nepal.

He said that the American support under the Millennium Challenge Corporation (MCC) and the American Assistance Mission have helped significantly for the economic and social development of Nepal. During the talks, both sides said that they are confident that the MCC project will be completed on time.