December 10: World Bank has decided to provide credit of $80 million for a Livestock Sector Innovation Project with a view to meet the objectives of Nepal’s Agricultural Development Strategy (ADS) 2015.

According to World Bank, the loan will help in developing livestock for sustained agriculture growth and economic growth, poverty reduction, and improving food and security, which are major objectives of the ADS.

In a press release dated December 7, the World Bank stated that the financial loan will directly benefit 200,000 livestock farmers from 271 municipalities, at least 45 percent of them being women. The loan will also benefit around 500 small and medium-sized agro-enterprises from production and post-production value chains, shared World Bank in its press release.

Though 70 percent of the population engaged in agriculture keeps livestock, Nepal imports livestock and livestock products amounting to US$ 40 million to meet the country’s demand, shared World Bank.

The project will mainly help to create strong regulatory institutional environment for livestock farming, enhance productivity and strengthen key strategic livestock value chains and access to business services.