In a move securing its voting rights, Nepal made new purchase of shares in the International Bank for the Reconstruction and Development (IBRD) under World Bank.
In a meeting on January 17, 2019, Nepal Council of Ministers decided to purchase additional shares of 309 units taking the total count to 1714 in the World Bank.
The Government of Nepal said in a weekly briefing with press held to inform about key government decisions.
Speaking on the occasion, the Minister for Information and Communications Gokul Prasad Baskota expressed happiness that the new decision secures Nepal’s voting rights in the World Bank.
In another decision to enhance the capacity of 15 local municipalities, the government has also decided to accept a technical aid worth EUR 1.996 million from the EU delegation in Nepal.
Besides, the government has also planned to seek loan assistance from the Saudi Fund for Reconstruction.
Towards this end, a special team led by the Joint Secretary at the International Financial Aid Coordination Division under the Ministry of Finance has also been constituted to seek loan assistance.
The Fund is to ensure loan worth USD 20 million for 25 years in a concessional interest rate of one percent.
IBRD is an international finance institution that supports middle-income countries by giving them loans for regional development. It also promotes and supplements private foreign investment. IBRD is the first of the five member institutions that make the World Bank Group.