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Nepal could lose funding, ADB warns

Asian Development Bank (ADB) today warned of cutting off the funds, if the government doesnot increase efficiency in spend on development projects. Addressing Tripartite Portfolio Review Meeting – between ADB headquarter, Nepal Resident Mission and governmet – director general Hun

Nepal signs framework agreement of China-led AIIB

Nepal has become the founding member of Asian Infrastructure Investment Bank. Nepal, alongwith 50 countries across Asia, Australia, Europe and South America, signed article of agreement of the Asian Infrastructure Investment Bank in Beijing today. Though, some 57 governments have expressed

Asian Infrastructure Investment Bank to born tomorrow

One of China’s biggest ever foreign policy successes will take concrete shape tomorrow when delegates from 57 countries including Nepal sign an agreement on Asian Infrastructure Investment Bank (AIIB) in Beijing. It will create a legal framework for the existence

Development partners pledge more than half Nepal’s need

Development partners – including both multilateral and bilateral – today pledged $4.4 billion in aid that is almost two-third the Post Disaster Need Assessment (PDNA) estimation for the reconstruction of Nepal. According to preliminary estimation of PDNA, Nepal needs Rs

Rebuilding livelihoods, Building Back Better key for Nepal: ADB vice-president

Nepal needs immediate help to rebuild livelihoods after last month’s devastating earthquake but in the longer term, the country must make sure it is more resilient to future disasters, according to Asian Development Bank (ADB) vice president for Knowledge Management

ADB releases immediate assistance of $200 million

Asian Development Bank (ADB) today announced an immediate assistance of $200 million for helping Nepal’s reconstruction process. It is a part of $600 million fund pledged by the development partner in the International Conference on Nepal’s Reconstruction-2015 (ICNR 2015). “ADB’s

Donor conference to chalk out plan for reconstruction

The devastating earthquake of 7.8-magnitude that shook the country on April 25, and the numerous aftershocks that followed, left the country with losses amounting to a third of the total economy. With the National Planning Commission prepared Post-Disaster Needs Assesment

NZ aid organisations call on to push for debt cancellation for Nepal

Humanitarian aid organisations are calling on the New Zealand government to advocate for the immediate and unconditional cancellation of Nepal’s foreign debt after devastating earthquake on April 25 and May 12 and subsequent aftershocks. NGO Disaster Relief Form chair Ian

South Asia receives largest chunk of climate finance

South Asia received the largest share of climate finance from the multilateral development banks last year, according to a report. Among the regions, South Asia received the largest share of total funding, at 21 per cent. Latin America and the

ADB joins US-led partnership to fight climate change in developing countries

The Asian Development Bank (ADB) today joined a global public-private partnership to provide the highest-quality scientific data and tools to help developing countries improve their climate change planning. “Asia is one of the world’s most vulnerable regions to climate change,”

ADB creates emergency trade finance facility for Nepal by expanding its Trade Finance Programme

Asian Development Bank (ADB) is expanding its Trade Finance Programme (TFP) in Nepal by an additional $40 million to help banks finance import of much needed goods to support reconstruction and immediate needs in response to the recent earthquake. “The

Government planning Reconstruction Authority

The government is mulling to set up a powerful autonomous body to oversee reconstruction works on fast track mode. “The autonomous Reconstruction Authority set up with efficient government officials will spend Rs 200-billion National Reconstruction Fund for the reconstruction in

Donors pledging aid, government has no cash for immediate relief

Donors have – post April 25 devastating earthquake – pledged billion of rupees in aid for Nepal, but the country has not received any hard cash. “The donors and international aid agencies have pledged billions but Nepal has not yet

ADB, Kuwait Fund for Arab Economic Development sign agreement on community-managed irrigation system

MANILA: The Asian Development Bank (ADB) today signed a Memorandum of Understanding (MoU) with the Kuwait Fund for Arab Economic Development (Kuwait Fund) to support the Community-Managed Irrigated Agriculture Sector Project in Nepal. Kuwait Fund will – under the agreement

ADB pledges $200 million for reconstruction

Asian Development Bank (ADB) today pledged $200 million (nearly Rs 20 billion) for the reconstruction of Nepal ravaged by the 7.8-magnitude devastating earthquake on April 25. Finance Minister Dr Ram Sharan Mahat informed that the ADB has – during the

ADB hosts Partnership Forum for Nepal, Mahat presents bleak economic picture

The Asian Development Bank (ADB) hosted a Partnership Forum for Nepal today during its 48th annual meeting to affirm international support for the country, following the devastating April 25 earthquake. At the meeting – jointly chaired by ADB president Takehiko

ADB downgrades economic growth due to earthquake

The country might see the economic growth to plunge to between three per cent and 3.5 per cent, according to the Asian Development Bank (ADB). Though, estimating the exact economic cost will be an ongoing process, the initial estimation shows

Government, ADB sign $3 million grant for earthquake relief

The government and Asian Development Bank (ADB) today signed a $3 million grant agreement to finance relief efforts in the country following Saturday’s 7.8 magnitude earthquake. Finance secretary Suman Sharma and ADB country director Kenichi Yokoyama signed the agreement on