The Asian Development Bank (ADB) on Monday agreed to extend a grant assistance of US$ 25.60 million to Nepal for the implementation of the Emergency Flood Damage Rehabilitation Project.

Finance secretary Rameshore Prasad Khanal and vice-president of ADB Zhao Xiaoyu signed the grant agreement on behalf of the Government of Nepal and the ADB respectively, in Kathmandu.

This grant assistance will be utilized in rehabilitating and restoring the damage caused by the 2008 monsoon floods in the eastern development region and far western development region of Nepal, a press statement informing about the agreement said.

The main components of the project consist of agriculture, irrigation, water supply and sanitation, roads and project management.

Speaking at the signing agreement ceremony, Zhao said that the ADB was stuck by the flood damage in different parts of Nepal and took the initiative toward the emergency flood control measures that would benefit the people and the Government of Nepal.

He expressed hope that development partners would continue extending support to Nepal's socio-economic development and stressed the need for better implementation of the project. nepalnews.com

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