KATHMANDU, July 1: The Asian Development Bank (ADB) has approved a $50 million policy-based loan to support Nepal’s customs modernization, improve trade efficiency, and promote job creation, ADB said in a press release.
According to the press release, the funding will support the second phase of the South Asia Subregional Economic Cooperation (SASEC) Customs and Logistics Reforms Program, focusing on digitalizing customs procedures, introducing risk-based inspections, streamlining border processes, and strengthening the country’s logistics sector.
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According to ADB, the reforms aim to reduce trade costs, improve supply chain efficiency, attract private investment, and create jobs by making cross-border trade faster and more predictable.
ADB said the program aligns with Nepal’s Sixteenth Plan and supports the government’s customs reform, trade logistics, and industrial development strategies.
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