Government to Borrow $285 Million from ADB, Invest Additional Rights Shares in Reinsurance Company
The Cabinet has decided to invest additional rights shares in Nepal Reinsurance Company and accept a $285 million concessional loan and $20 million grant from the Asian Development Bank. Decisions were also made regarding the Fertilizer Control Order, participation in the climate conference, and extension of land tenancy deadlines.
Kathmandu. The government has agreed to invest additional rights shares in Nepal Reinsurance Company Limited. A meeting of the Cabinet held on Tuesday made this decision.
The meeting also decided to accept a $285 million concessional loan and a $20 million grant from the Asian Development Bank (ADB) for road improvement.
Similarly, the meeting decided to include nano fertilizer, biostimulants, and organic and bio-fertilizers produced and distributed commercially in the list of essential substances, and to approve the Fertilizer Control Order, 2083.
Likewise, government spokesperson Sasmit Pokharel said the meeting decided to grant approval for a high-level delegation to participate in the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) to be held in Antalya, Turkey, from Kartik 23 to Mangsir 4, 2083.
According to Pokharel, the meeting also decided to approve the publication of a notice in the Nepal Gazette extending the deadline for landowners and tenants to apply for land division and for completing the division process to Kartik 2085 and Asar 2086, respectively.
Furthermore, the Cabinet meeting decided to recommend to the President the issuance of an ordinance to amend the Press Council Act, 2048, and an ordinance to amend certain Nepal Acts including Culture, Tourism, and Civil Aviation.