Kathmandu, June 27
The Government of Nepal and the World Bank
have signed a $150 million (Rs. 17.78 billion) concessional loan agreement to support Nepal’s resilient recovery from the COVID-19
pandemic, protect the most vulnerable, and support sustainable growth.
Finance Secretary Sishir Kumar Dhungana and WB’s Country
Director for the Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos signed the
agreement on Sunday.
“The project
will help Nepal build back better and greener through reforms to the tax and
customs systems, public investment management, environmental regulations and
debt management,” stated Dhungana.
He said that the proposed budgetary support will be
utilised in the physical infrastructural projects and economic recovery sectors
as per the requirement and priorities of the Government.
The facility further supports reforms
aimed at protecting the most vulnerable and supporting business growth, said
the WB in a statement.
Reforms in this area focus on social
protection, the intergovernmental framework, and supporting access to capital
for firms. It will help speed up the ongoing large development projects to
creates job, accelerate markets, and support green recovery, read the statement.
The financing will be provided to Nepal
through budgetary support.
“This project will help the country achieve sustained
growth during and after the COVID-19 pandemic that is inclusive, job-creating
and environmentally sustainable.,” said Hadad-Zervos.
The World Bank is committed to support the
government’s pandemic response to protect lives and stimulate economic recovery
in Nepal, he said.
Published in The Rising Nepal daily on 28 June 2021.
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