World Bank pledges support for reconstruction

Kathmandu, Oct. 13

Finance Minister Dr. Swarnim Wagle held high-level bilateral talks with World Bank Group President Ajay Banga in Washington, DC on Tuesday, to discuss mobilising around US$1 billion in resources for reconstruction, broader economic reforms, insurance and social protection in Nepal.

FM Dr. Wagle reached the USA on Monday, leading a delegation at the invitation of the World Bank president. During the meeting with Banga, he discussed the reconstruction of physical and economic infrastructure damaged by the recent floods in the Bhotekoshi River area of Rasuwa, as well as measures to advance macroeconomic reforms and strengthen insurance and social protection.

During the meeting, pledged significant World Bank support for reconstruction, informed the Ministry of Finance (MoF) in a statement. "He also praised the government’s initiatives to introduce policy and institutional reforms, stressing the need to increase infrastructure investment and create employment opportunities within the country," read the statement.

Banga said the World Bank would launch new initiatives to expand joint investment in Nepal’s priority sectors in co-ordination with development partners, including the Asian Development Bank (ADB) and the International Finance Corporation (IFC).

According to David Sislen, the World Bank’s Country Director for Nepal, this was the first in-person bilateral meeting between a World Bank president and a Nepali finance minister in three decades.

Earlier, on Monday, Dr. Wagle was welcomed in Washington, DC, by Acting Ambassador Sharad Raj Aran and officials from the Nepali Embassy.

He is also scheduled to meet US Treasury Secretary Scott Bessent.

"The discussions are expected to cover enhanced bilateral co-operation, reconstruction, Nepal’s exit from the Financial Action Task Force (FATF) grey list, and broader economic reforms," said the MoF.

According to it, a key objective of the visit is to encourage greater investment from development partners and the private sector in critical infrastructure, including roads and electricity transmission lines, to generate employment and expand economic opportunities within Nepal.

FM Dr. Wagle is also scheduled to hold high-level meetings with senior officials of the US International Development Finance Corporation (DFC) and leading private-sector investors.

Published in The Rising Nepal on 14 October 2026.