The Asian Development Bank (ADB) today approved a $250 million concessional grant to the Government of Nepal to help fund the response to the novel Coronavirus Disease (COVD-19) epidemic, which includes strengthening the country’s public health system and adverse economic respiratory problems.
ADB President Masatsugu Asakawa stated, “ADB is strongly committed to supporting Nepal at this crucial time. This concessional loan will enable the government to continue its containment measures, extend its social protection program for the poor and vulnerable, and set the stage for an early economic recovery.”
The COVID-19 Active Response and Expenditure Support (CARES) program is funded through the COVID-19 Pandemic Response Option (CPRO) under ADV’s Countercyclical Support Facility. The CPRO was established as part of ADB’s $20 billion expanded assistance for developing member countries’ COVID-19 response, which was announced on 13 April.
ADB funding will help the government expand its social protection program to include provisions for the provision of food aid to poor and vulnerable families, the provision of employment assistance for the repatriation of the unemployed poor, especially women and migrant workers.
Subsidized funding will extend to the affected small, medium, and large enterprises, of which at least 30% are women-led, of which at least half are from disadvantaged groups.
