MANILA, Philippines, Aug. 10 (UPI) -- The Asian Development Bank said Tuesday it will lend Bhutan $13.4 million for the 2005 to 2006 period.
The money will be made up of four loans, namely to develop a road network, improve rural areas, develop urban housing and build up infrastructure. Funds may also be used to finance smaller-sized enterprises, the Manila-based ADB said.
"Given the growing concerns over the expanding labor force, government policies have started to put more emphasis on private sector development and financial sector reform," said Richard Vokes, the director of the ADB's South Asia operations coordination division.
The bank said that while Bhutan's economy has been growing over the past few years, the country needs to improve its financial system and also promote rural development as well as trade.
