Nepal’s financial and energy sector got a new boost with the World Bank’s (WB) Rs 23 billion concessional loan!
The World Bank and International Monetary Fund (IMF) agreed to provide related monetary assistance to Nepal, during the WB annual meeting held at Bali, Indonesia.
Nepal Finance Ministry International Economic Cooperation Coordination (IECCD) Chief Shree Krishna Nepal and World Bank Nepal Country Director Qimiao Fan signed the agreement on October 10, 2018.
Nepal Finance Minister Dr Yubaraj Khatiwada and World Bank South Asia Region Vice Chairperson Hartwig Schafer were also present at the occasion.
Speaking at the occasion Nepal Finance Minister Dr Yubaraj Khatiwada appreciated WB’s support for the growth of various sectors such as infrastructure development, tourism development, education and health while hoping that WB would increase its support to Nepal in the future too.
World Bank South Asia Region Vice Chairperson Hartwig Schafer was also present at the occasion.
World Bank Aid for Nepal Aid
Recently, the World Bank approved a whooping Rs 100 million loan for the country’s energy sector. The grant aimed to support the energy sector for effective implementation of related policies and institutional measures. Additionally, it plays an important role in strengthening the financial viability of the Nepal Electrical Authority (NEA).