Manila [Philippines], June 29 : The Asian Development Bank (ADB) on Thursday said it approved a USD 50 million loan to support the implementation of policy reforms in Nepal and to help improve its domestic and international trade.
According to a release, trade and industry contributed 14.1 per cent to Nepal's gross domestic product (GDP) in the financial year 2022. The government is pushing to increase the contribution of trade to GDP by improving the trade and export promotion environment and strengthening the supply chain of its primary products.
It said essential to this is the improvement of customs and logistics systems and services such as efficient transport, transit arrangements, and border procedures.
"The development of the trade and industry sector will boost competitiveness and help steer the country toward sustainable economic growth," said ADB South Asia Department's Director of Regional Cooperation and Operations Coordination Thiam Hee Ng.
"Furthermore, improved trade facilitation can boost exports and help address Nepal's balance of payment."
The ADB support will help implement the current Customs Reform and Modernization Plan by improving customs processes through the introduction of digital technologies, such as electronic payments of customs duties and fees, and electronic submission of export documents.
Also, it will establish an online customs valuation database and reduce export documentation to facilitate customs clearance.
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