ADB provides $10 million loan to Nepal | india | Hindustan Times
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ADB provides $10 million loan to Nepal

The Asian Development Bank has announced a $10 million soft loan to Nepal for the empowerment of rural women in the country.

india Updated: Jun 10, 2006 13:17 IST

The Asian Development Bank has announced a $10 million soft loan to Nepal for the empowerment of poor rural women in the country.

ADB and the Nepal government signed an agreement on Friday in this regard, said a press release.

The loan for the Gender Equality and Empowerment of Women project, aims at reducing poverty through empowering poor rural woman and disadvantaged groups, such as ethnic and low caste women, it said.

The project will benefit 207,000 women and 80 village development committees in 15 poorest and most disadvantaged districts in the mid-western and far-western regions and central region, where gender discrimination is pervasive and deep, it added.

Nepalese Finance Secretary Bhoj Raj Ghimire on behalf of the Neal government and ADB's country director Sultan H Rahman for the bank signed the loan agreement.

"As long as women remain disadvantaged, half of Nepal's human resources will not realize its full potential. This is detrimental for the country's social and economic development," says Rahman.

The total cost of the project is about $15.5 million, of which ADB will provide $10 million and the government and the local communities will make the remaining contributions, the release added.