World Bank to provide Rs 15.92 billion to Nepal

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Kathmandu, Feb 1: The International Development Association, a soft lending window of the World Bank has agreed to provide a grant assistance of Rs 15.92 billion to Nepal for the implementation of four projects.

Susan Goldmark, country director of the World Bank Nepal and Vidyadhar Mallik, secretary at the Ministry of Finance signed an agreement yesterday. Of the total grant assistance, Rs 6.30 billion has been provided to the Poverty Alleviation Fund, Rs 2.69 billion to the Road Sector Development Project, Rs 3.15 billion to the Irrigation and Water Resources Management Project and Rs 3.78 billion to projects run under Education for All.

The money under the Road Sector Development Project will go for building all-season road accesses in different districts. Finance Minister Dr Ram Sharan Mahat and World Bank Vice president for South Asi Praful Patel were also present at the agreement signing function.

Patel said this assistance package demonstrates the WB's commitment to ensure social and economic inclusion of the poor, marginalized groups, and less developed regions.

"Through improved schools, roads, irrigation, and income-generating activities, we hope that these projects will help the country step up the delivery of basic services, particularly in areas that have lost over a decade to conflict," he said.

UNI

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