Kathmandu, Jul 10 (PTI) The Asian Development Bank (ADB) has approved a USD 21 million policy-based loan to support Nepal’s efforts to simplify, harmonise and modernise trade processes to meet international standards.

“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” said Sonoko Sunayama, a senior economist of ADB.

“Hopefully the project can help Nepal achieve this for its growth and development. The project will support Nepal in developing its national policy and legal framework for trade facilitation as well as customs procedures,” according to a statement issued by ADB Nepal country office.

It will also strengthen the organisational structure of the country’s Department of Customs to overall expand exports and increase export competitiveness, the ADB said.

“It will help the country fulfill its commitments to the Trade Facilitation Agreement of the World Trade Organization as well as related international standards on customs,” it said.

The project will also assist Nepal to integrate better, in terms of trade facilitation and customs, with the standards of the South Asia Subregional Economic Cooperation.

This is published unedited from the PTI feed.