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अन्तराष्ट्रिय आर्थिक सहायता समन्वय महाशाखा

Agreement with the World Bank

Jan 16, 2017
The International Development Association (IDA) of the World Bank Group has agreed to provide US$ 30 million (Equivalent to NRs. 2.90 billion) credit assistance to the Government of Nepal.
The International Development Association (IDA) of the World Bank Group has agreed to provide US$ 30 million (Equivalent to NRs. 2.90 billion) credit assistance to the Government of Nepal. The Financing Agreement to this effect was signed between the Government of Nepal and the World Bank in the Ministry of Finance, Kathmandu, today.

The main objective of this loan assistance is to avail budgetary support to the Government of Nepal to help carry out the already initiated reform activities especially in areas of financial sector development. The financing amount US $ 30 million will be allocated in a single tranche and the closing date of the financing is 31 December 2013.

The government of Nepal has already embarked on the broader reform program to address financial sector vulnerabilities during the mid 2011. In this course Nepal Rastra Bank has initiated financial inclusion and financial literacy program in consultation and cooperation with stakeholders. The restructuring task of two major state-controlled banks - Nepal Bank Limited and Rastriya Banijya Bank is going on. Likewise, the acts against money laundering and terrorist financing already initiated by the Government are the important tasks under the financial sector.

The agreement was signed by Mr. Shanta Raj Subedi, Finance Secretary of the Ministry of Finance on behalf of the Government of Nepal and by Ms. Tahseen Sayed, Country Manager for Nepal on behalf of the World Bank.