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Nepal Receives WB Grant And Loan Assistance For NIRTTP
By KTM Metro Reporter
July 12, 2013: the World Bank has agreed to provide Nepal with the grant and loan assistance of US$ 99 million (equivalent to Rs. 8,672.4 million) for implementing of the Nepal-India Regional Trade and Transport Project (NIRTTP).
Joint secretary to the Ministry of Finance Madhu Kumar Marasini and Country Director of the World Bank Tahseen Sayed signed off the agreement on the grant and loan at the Ministry of Finance in Kathmandu yesterday.
The grant is US$ 27 million (equivalent to Rs 2,365.2 million), and the loan is US$ 72 million (equivalent to Rs. 6307.2 million) is loan assistance.
The objective of the project is to reduce the transport time and the logistics costs improving the transit along the Kathmandu-Kolkata corridor and removing the key infrastructure bottlenecks in Nepal and supporting the adoption of modern approaches to the border management for the benefits of traders.
According to the Ministry of Finance, the project is to modernize transport and transit systems between Nepal and India, strengthen the trade related institutional capacity in Nepal and improve the selected trade-related infrastructures.
The project is for improving the efficiency of the trade systems through a modern and effective transit regime, simplifying and harmonizing customs and border management procedures, processes, and systems, and strengthening and modernizing the regulation of international trucking services.
The project components consist of upgrading and expanding the Narayanghat-Mugling road section to the Asian Highway Standard, and the improvement along the Birgunj-Kathmandu Corridor, construction of a CFS (Container Freight Station) or an ICD (Inland Clearance/Container Depot) in the Kathmandu Valley, improvement of the trade-related laboratories, and expediting the mutual recognition of certificates, according to the news on ‘gorkhapatraonline.com.’
