Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The World Bank has signed an agreement to provide the Government of Nepal with $150 million in concessional loan assistance under the Catastrophe Draw-Down Option (CAT-DDO) for disaster management.
The agreement was signed today at the World Bank headquarters in the presence of Nepal’s Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel, who is attending the World Bank Group and International Monetary Fund (IMF) annual meetings.
Finance Secretary Dr. Ram Prasad Ghimire and David Sislen, the World Bank’s Country Director for Nepal, Maldives, and Sri Lanka, formalized the agreement. The funds will be used for disaster recovery, reconstruction, and rehabilitation as part of budgetary support.
Minister Paudel is attending the 55th annual meeting of the World Bank and IMF, where he also participated in a joint meeting with South Asia regional governors.
Minister Paudel held separate discussions with high-ranking officials from the World Bank, Asian Development Bank (ADB), and International Finance Corporation (IFC). During his meeting with Martin Raiser, the World Bank’s Vice President for South Asia, and Executive Director Wemp Saputra, they discussed various aspects of multilateral aid mobilization. Minister Paudel expressed gratitude for the World Bank’s support in Nepal’s transportation, energy, education, and other infrastructure and social development programs, urging the expansion and effectiveness of future aid.
Additionally, Minister Paudel met with Yingming Yang, Vice President of the ADB, at the World Bank headquarters, where he requested further support for Nepal’s infrastructure and social development as the ADB continues to play a major role as Nepal’s development partner.
Minister Paudel also met with Ricardo Puliti, IFC Vice President, expressing satisfaction with the IFC’s growing investment in Nepal’s private sector. He assured that the government would continue to create a conducive environment for private sector growth and called for an increased and more effective role of the IFC in Nepal’s development trajectory.
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