KATHMANDU, Feb 25: The Asian Development Bank (ADB) has agreed to provide grant assistance of US$ 15 million (around Rs 1.26 billion) to Nepal for the implementation of the South Asia Sub-regional Economic Cooperation (SASEC) Trade Facilitation Program.
An agreement to this effect was signed and exchanged at the Ministry of Finance (MoF) on Monday.
A press statement issued by the MoF states that the main objective of the project is to increase intra-regional trade among the SASEC member countries that include Bangladesh, Bhutan and Nepal by reducing non-tariff barriers.
The program aims at providing efficient, effective, transparent, secure and service-oriented processing of cross-border trade in the sub-region, adds the statement.
The program will, among others, assist SASEC countries in enhancing their automated customs management systems.
Madhu Kumar Marasini, joint Secretary at MoF and Kenichi Yokoyama, country director -- Nepal resident mission of ADB, signed the pact on Monday.