Mr. Faris will lead the World Bank support to Nepal, Maldives and Sri Lanka from the sub-regional office based in Kathmandu, Nepal. He will be overseeing the current total portfolio of around USD 5.5 billion.

Succeeding Ms. Idah Z. Pswarayi-Riddihough, Mr. Faris will be taking on a new World Bank assignment. Before this, he worked as the World Bank Country Manager for Nepal.

Since his joining in the World Bank in 1996, Mr. Hadad-Zervos served as Country Manager for Malaysia and Bolivia, Technical Cooperation Program Manager for the Gulf Cooperation Countries, Head of the Mission for Iraq, and Operations Manager for Gaza.

Mr. Faris’s appointment comes at the time when the three countries are striving to address the health and socio-economic implications of the coronavirus pandemic.

“It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,” said Mr. Hadad-Zervos.

“My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society,” he added.

[1/2] I am deeply honored to take up my new role as the @WorldBank Country Director for #Maldives, #Nepal and #SriLanka starting today. https://t.co/KoWZvidLFh

— Faris H. Hadad-Zervos (@WorldBankNepal) July 1, 2020

So far, the World Bank has mobilized over USD 350 million funds to Nepal, Maldives and Sri Lanka to help them prevent, detect and respond to the coronavirus pandemic.

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The grant under the Nepal Energy Sector Development Policy Credit program intends to support the country’s energy sector in effective implementation of related regulatory, policies and institutional measures. 

The fund is going to play a key role in strengthening financial viability of the Nepal Electricity Authority (NEA) through the establishment of a regulatory framework that eases electricity trade and restructures NEA encouraging the private sector participation.

“The proposed credit aims to support the restructuring and market reform of the electricity sector to improve governance and performance of electricity institutions, eventually enhancing quality and efficiency in services,” World Bank Country Manager for Nepal Faris Hadad-Zervos said in a statement.

The World Bank’s move gains significance in view of the fact that Nepal is heavily dependent on electricity imports despite its high hydropower potential, to address the power shortage domestically.

This situation persists owing to the large number of yet-to-be-materialized hydropower projects in the country.

“The new credit aims to implement policy and institutional measures to overcome these challenges and help bring about structural reforms in the energy sector, to ensure affordable electricity services and encourage predictability for sustainable investment,” the World Bank release informed.

The World Bank is currently supporting 22 active investment projects in Nepal with USD 2.5 billion assured in commitment from the International Development Association.

With the first credit assistance in 1969 for a telecom project, the World Bank has so far offered
USD 4.75 billion in assistance to Nepal, with USD 3.48 billion in credits and USD 1.27 billion in grants.

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