December 15: The Asian Development Bank (ADB) has approved a financing package totaling $166 million to enhance Nepal's local economy. The funds will be utilized to construct climate and disaster-resilient cities that prioritize sustainable tourism and aim to enhance the quality of life for residents.

A $6 million grant from the Asian Development Fund is included in the package. The beneficiary cities encompass Pokhara Metropolitan City, Janakpur Sub-Metropolitan City, Devdaha, Lumbini Sanskritik, Sainamaina, Siddharthanagar, and Tilottama municipalities.

The initiative, known as the Urban Resilience and Livability Improvement Project, is designed to contribute to the economic growth, resilience, and livability of the aforementioned cities.

The ADB plans to reinforce municipal resilience to climate and disaster risks through infrastructure development, involving the construction of 150 kilometers of drainage, rebuilding 100 kilometers of roads, and 45 kilometers of footpaths, as per a statement released by the ADB Headquarters on Thursday.

Laxmi Sharma, ADB Senior Urban Development Specialist, emphasized that the project aligns with the government’s National Urban Development Strategy, aiming to enhance planning and investments in urban corridors for sustainable economic growth.

The initiative extends the ADB’s longstanding commitment to Nepal, focusing on strengthening municipal governance and improving the delivery of basic services.

Sharma added, “ADB’s support will help the concerned municipalities design climate-resilient urban infrastructure, develop tourism potential, and strengthen institutional capacity to achieve their full economic potential and sustainable growth.”

 The project is anticipated to foster tourism development, thereby stimulating the local economy and enhancing historical, cultural, and natural heritage sites. (RSS)