Govt. and World Bank sign financing agreements worth $350 million ( 42 billion rupees)

Kathmandu- The World Bank has agreed to provide about 42 billion rupees ( $350 million) assistance to the Government of Nepal (GoN) for the support of the country’s Covid-19 resilience and recovery efforts.

The two separate agreements were signed by Finance Secretary Sishir Kumar Dhungana and World Bank Country Director Mr Faris Hadad- Zervos on Wednesday.

The $150 million Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Terai region and Western region.

Similarly, recognizing several initiatives and strong commitment of the GoN in strengthening financial sector stability, diversifying financial solutions and increasing access to financial services, the World Bank offered the $200 million which amounts to around 24  billion rupees as budgetary support.