Kathmandu, Sept. 4 -- Nepal's government has announced a special package to help businesses recover from the devastating floods in the Bhotekoshi river basin, offering customs and tax exemptions, loan restructuring and cheaper credit.

The Cabinet decided on Thursday to provide relief and concessions to industries, businesses and other commercial establishments affected by the floods, which caused widespread damage to property and economic activity. The government described the measures as the first phase of its recovery package.

Under the package, businesses whose commercial vehicles or transport equipment were destroyed beyond repair or swept away by the floods will be allowed to deregister the damaged vehicles and import replacements ...