KATHMANDU: The Asian Development Bank (ADB), Nepal’s largest multilateral development partner, is expanding its support to the country.

In this context, the ADB has announced that its assistance to Nepal is expected to reach USD 2.4 billion by the year 2029.

ADB President Masato Kanda, who is currently on a two-day visit to Nepal, stated, “As Nepal’s largest multilateral development partner, ADB is expanding its cooperation. We expect our assistance to reach USD 2.4 billion by 2029.”

This fund will be provided under the ADB’s Country Partnership Strategy (CPS) 2025–2029 for Nepal.

The assistance will prioritize job creation, private sector development, sustainable infrastructure, public service delivery, resilience, empowerment of women and marginalized or vulnerable groups, and digital transformation.

Additionally, further resources will be mobilized through innovative financial instruments, such as co-financing and green or local-currency bonds.

According to a press release issued today by the ADB, during his visit to Nepal, two loan agreements totaling USD 165 million were signed as part of its annual commitment. Out of this, a USD 115 million project will provide reliable and safe drinking water and sanitation services to more than 850,000 citizens.

Similarly, a USD 50 million policy-based loan will be used to modernize the goods clearance system at Nepal’s border checkpoints.

This initiative is expected to help reduce business costs, increase efficiency, and enhance competitiveness through digitalization and simplified procedures.

Furthermore, ADB’s annual loan assistance to Nepal is expected to reach up to USD 660 million this year.

ADB President Masato Kanda also held a meeting with Prime Minister Balendra Shah today.

Marking the 60th anniversary of the partnership between ADB and Nepal, the meeting included discussions on further strengthening ADB’s support for Nepal’s economic transformation, job creation, and investment promotion.