ADB pledges US $ 70.20 m assistance to Nepal
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KATHMANDU, JUN 18 - The Asian Development Bank (ADB) on Friday announced a loan assistance of 70.20 million US dollars including grant to Nepal for rural finance development.
Of the total assistance for the second phase of Rural Finance Sector Development Cluster Program, 60.0004 million US dollars is extended as a loan and the remaining 12.0001 millions as grant.
"The policy and institutional reforms under this phase of the program will transform key rural financial institutions into viable finance intermediaries with a strong client orientation and pro-poor focus, while improving the efficiency and outreach of semiformal institutions," said Mayumi Ozaki, Finance Specialist of the Rural and Microfinance sector in ADB's South Asia Department.
The cluster program is targeting an increase in credit access to the rural poor from 1 million accounts in 2008, to 1.17 million by 2012, and an increase in women's access to finance from 200,000 accounts to 283,000 over the same period
Posted on: 2010-06-18 06:20
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