The Asian Development Bank (ADB) said on Friday that it approved a loan of 85 million U.S. dollars to fund the modernization of irrigation networks and increase agricultural production in Nepal.
The ADB said the Irrigation Modernization Enhancement Project will develop a more efficient and climate-resilient agriculture and irrigation system for about 56,000 farm households across five provinces in Nepal.
Nepal's agriculture sector contributes 26 percent to the gross domestic product. However, growth has stagnated at 2.7 percent annually due to unreliable irrigation, while climate-related hazards such as floods, droughts, and heat waves have intensified food insecurity and reduced resilience.
The project promises to upgrade more than 31,000 hectares of agricultural command areas covering 100 farmer-managed irrigation systems.
The total project cost is 133.64 million dollars. This includes 16.14 million dollars from the government and 2.5 million dollars from farmer-beneficiaries.
The government is in the final stages of securing a loan from a development partner to bridge the remaining 30 million dollars funding gap through co-financing.
-XINHUA
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