Posted on: Wednesday, February 11, 2009 ; 04:39 IST
The Asian Development Bank (ADB) will provide a grant assistance of US$9 million to Nepal for implementing the Nepal component of the South Asian Association for Regional Cooperation (SAARC) information highway project.
The grant assistance will be provided to Nepal under an eight-year project to improve information and communication technology (ICT) connectivity between SAARC member nations Bangladesh, Bhutan, India and Nepal, provide modern, affordable and reliable information, communication and knowledge services within and across borders and expand ICT accessibility in remote areas, according to ADB sources.
Major expected outcomes of the project are an enhanced network of SAARC member nations, establishment of South Asia Sub-regional Economic Cooperation (SASEC) village network and SAARC research and training network.
It is a sub-regional investment project to be jointly implemented by the SAS
Nepal has signed a bilateral agreement with Finland for increased economic cooperation and to protect and promote foreign investment in both countries.
India and the landlocked sub-Himalayan nation of Nepal have signed an agreement to set up Integrated Check-Posts at four major transit points on both sides of the border between the two countries so that bilateral trade and passenger traffic could be easier.
The government of Nepal has endorsed Special Economic Zone (SEZ) Act, paving the way for implementation of SEZ projects in the landlocked country country, which is located in the sub-Himalayan region.
