A financial agreement worth US 150 million has been signed between the Government of Nepal and the World Bank for the upliftment of Nepal.
Nepal has received a loan of the same amount for the recovery from the Covid-19 epidemic and for the protection and sustainable development of the extremely poor and at-risk.
The financial agreement was signed between the Government of Nepal and the World Bank on Sunday.
The agreement was signed on behalf of the Government of Nepal by Shishir Kumar Dhungana, Secretary, Ministry of Finance, and Faris Hadad-Zervos, World Bank National Director for Maldives, Nepal, and Sri Lanka.
The assistance will further strengthen Nepal and help in green reconstruction by further improving the tax and customs system, public investment management, environmental regulation and debt management, he said.
He informed that the budgetary assistance would be mobilized in the field of physical infrastructure projects and economic recovery based on the needs and priorities of Nepal.
The World Bank notes that the first phase of development policy support for economic growth, recovery and upliftment will support reforms aimed at protecting those at high risk and increasing business growth.
Reform programs in this area will also pay special attention to social security, intergovernmental structure and access to capital for businesses.
This will help accelerate ongoing large-scale development projects that create jobs, mobilize markets and support green revival. The assistance provided will be in the form of budgetary assistance.
Mr. Faris Hadad-Jarvos, National Director of the World Bank, said that the project would help achieve sustainable growth in Nepal during and after the Covid-19 epidemic.
He also noted that the World Bank is committed to supporting government programs to save lives and revive the economy during the Kovid epidemic.