Government of Nepal and World Bank sign USD 150 million soft loan agreement

KATHMANDU: An agreement has been signed between the Government of Nepal and the World Bank to provide a soft loan of USD 150 million for the upliftment of Nepal.  

A financial agreement has been signed between the Government of Nepal and the World Bank to provide a soft loan of USD 150 million (approximately Rs. 17.78 billion) to Nepal for the recovery from the COVID-19 pandemic and for the protection and sustainable development of the extremely poor and vulnerable population.  

The agreement was signed by Finance Ministry Secretary Shishir Kumar Dhungana and World Bank National Director for Maldives, Nepal and Sri Lanka Faris Hadad Jarvos on behalf of the Government of Nepal.  

Speaking at the signing ceremony, Secretary of the Ministry of Finance, Shishir Kumar Dhungana, said that the program would be implemented to revive the economy affected by COVID-19, accelerate economic activities and support green development.  

He also said that the amount allocated for the construction of infrastructure in the current fiscal year will be mobilized within this fiscal year. 

Speaking on the occasion, Faris Hadad Jarvos, World Bank National Director for Maldives, Nepal and Sri Lanka, said the project would help achieve sustainable growth in Nepal during and after the COVID-19 pandemic. 

He also said that the World Bank was committed to supporting government programs to save lives and revive the economy during the COVID pandemic.  

The project will help accelerate ongoing large-scale development projects that create jobs, mobilize markets and support green revival and development.