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World Bank Extends USD 11 Billion in Financial Aid to Nepal

World Bank Extends USD 11 Billion in Financial Aid to Nepal

The World Bank (WB) has lifted its hand to support Nepal again. This time, it has renewed its support to Nepal under the Second Programmatic Fiscal and Public Financial Management Development Policy Credit Project.

In a move supporting Nepal’s efforts towards fiscal federalism and developing public financial management, WB offered the country a grant of NPR USD 100 million for the fulfillment of reform actions developed by the Ministry of Finance.

Nepal Finance Ministry Secretary Lal Shankar Ghimire and World Bank Country Manager-Nepal Faris H Hadad-Zervos signed the agreement at the Ministry of Finance.

“We are thankful for the support of the World Bank and development partners in the ongoing and dynamic process of federalism in Nepal,” stated Secretary Ghimire.

“Nepal’s transition to a federal state is an ambitious agenda and the WB Group is committed to supporting the government in fulfilling this goal. The sustainability of the proposed reforms under this budget support is a critical aspect. The partnership between the government and development partners will further enable strengthening of public institutions, inclusion and resilience as Nepal progresses with the federalism agenda,” said Hadad-Zervos.