ADB provides Rs 3.09 billion tourism loan, grant

KATHMANDU, May 19:

The Asian Development Bank (ADB) has agreed to provide additional loan and grant assistance of USD 33 million (about Rs. 3.094 billion) to Nepal for the implementation of the South Asian Tourism Infrastructure Development Project (SATIDP)

The objective of the project is to support a future pattern of tourism in South Asian sub region envisaging a number of multi-country circuits of nature and culture based sites that are interlinked.

It aims to develop Lumbini, the birth place of Lord Buddha as an attractive culture-based tourism destination with direct access to international air transport service.

The total estimated cost of the project is USD 97.21 million. Of this, ADB is providing USD 58.5 million (loan 42.75 million dollars and grant USD15.75 million.)

OPEC fund is providing US Dollars 15 million and the rest CAAN will bear as counterpart fund.

Ministry of Culture, Tourism and Civil Aviation is responsible for implementation of the project. CAAN will invest the amount in improvement of Gautam Buddha Airport and infrastructure development of Bhairahawa.

Lumbini Development Trust is responsible for the destination improvement including clean public transport. The project will be completed in June 2017.

Source: Republica