The World Bank inked an agreement with the Nepali Government to provide concessional loan worth NPR 17.78 billion (USD 150 million) to support the nation’s fight against the pandemic.
Nepal’s Finance Secretary Sishir Kumar Dhungana and World Bank Country Director for Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos, signed the agreement on Sunday.
The World Bank will provide the finance to the Nepali Government through budgetary support. This is the first credit under the Fiscal Policy for Growth, Recovery, and Resilience Development that supports reforms for protecting the most vulnerable and supporting business growth.
The project will help accelerate ongoing large development projects to create jobs, boost businesses, and support green recovery.
“The proposed budgetary support will be utilized in the physical infrastructural projects and economic recovery sectors as per the requirement and priorities of the Government of Nepal,” said Dhungana on occasion.
He added that the monetary support would accelerate Nepal’s recovery from the pandemic, protect the most vulnerable, and help the nation recuperate by reforming tax and customs systems, public investment management, and environmental regulations.
“The project will help Nepal achieve sustained growth post-pandemic that is inclusive, job-creating, and environmentally sustainable,” said WB Country Director Zervos.
“The World Bank is committed to supporting the government’s pandemic response to protect lives and stimulate economic recovery in Nepal.”
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