KATHMANDU, MARCH 1
The World Bank has approved Rs 26.51 billion in new financing for two projects in Nepal aimed at supporting the country's transition toward Green, Resilient, and Inclusive Development (GRID) and improving the development and maintenance of Nepal's provincial and local road network.
Faris Hadad-Zervos, World Bank Country Director for Nepal, Sri Lanka, and the Maldives, stated, "The World Bank is committed to supporting Nepal's green, resilient, and inclusive development. Through the new projects financed by the World Bank's International Development Association (IDA), we continue to focus our assistance on improving people's lives, including through infrastructure and services."
The press release issued by the World Bank Headquarters mentioned that the Rs 13.25 billion Second Fiscal Policy for Growth, Recovery, and Resilience Development Policy Credit aims to strengthen revenue collection, reduce fragmentation of debt management, and increase debt transparency.
It also supports reforms to enhance climate-resilient infrastructure spending, lower Nepal's minimum foreign direct investment (FDI) threshold to promote FDI inflows, and facilitate automation to streamline the process of FDI.
Similarly, an equivalent amount for the Provincial and Local Roads Improvement Programme will support the implementation of a comprehensive program for the development and maintenance of Nepal's provincial and local road network.
It will help improve the efficiency of service delivery, strengthen the resilience of selected provincial roads and bridges, and ensure communities have safe access to markets and services, the press statement added.
This first of a three-phased series of programs will be implemented in Madhesh, Karnali, and Sudurpaschim Provinces and local levels, with the potential to scale up in the future.
