WB provides 440 million USD concessional loan
KATHMANDU: The World Bank has agreed to provide 440 million US dollars concessional loan assistance for the implementation of three projects in the country.
The concessional loan is said to be utilized in Enhanced Vocational Education and Training Project II (EVENT-II), Livestock Sector Innovation Project (LSIP) and Earthquake Housing Reconstruction Project (EHRP).
At a programme organised at the Finance Ministry, Finance Secretary Shankar Prasad Adhikari, and Qimiao Fan, Country Director, World Bank, Nepal, signed the agreement in presence of Finance Minister, Gyanendra Bahadur Karki, and Vice-President of World Bank for the South Asia Region, Annette Dixon.
The objectives of the EVENT-II is to improve equitable access to the market relevant training programme and to strengthen the Technical and Vocational Education and Training sector service delivery in Nepal.
Implementation of the project falls under purview of Ministry of Education. Moreover, Nepali youths between age group of 16-40 years, technical schools and their leaders, instructors, assessors, students, short term training providers and employers are direct beneficiaries of the project.
Likewise, the objectives of LSIP are to increase productivity, enhance value addition, and improve climate resilience of smallholder farms and agro-enterprises in the Selected Livestock Value-chains in Nepal. The Ministry of Livestock Development will implement the project.
Moreover, the government of Nepal has been executing EHRP since 14 August, 2015 with credit amount 200 million US dollars. The additional Financing of 300 million US dollars is amendment of previous credit. In addition, this loan is to be utilised for reconstruction of 96,000 earthquake affected houses of Nuwakot, Dhading and Dolakha districts.
WB’s Country Director Qimiao expressed commitment for continuous support in Nepal’s development initiatives while Secretary Adhikari on the behalf of the government of Nepal expressed sincere appreciation to the WB for this assistance and its continued support in social-economic development of Nepal.