KATHMANDU: The World Bank has decided to provide around Rs 23 billion concessional loan to Nepal for the implementation of financial and energy sector reform policy.

An agreement in this regard was reached during the ongoing annual meeting of the World Bank and International Monetary Fund (IMF) at Bali in Indonesia.

Chief of International Economic Cooperation Coordination Division (IECCD) at the Ministry of Finance, Shree Krishna Nepal and the World Bank's Country Director for Nepal, Qimiao Fan signed the agreement on Wednesday in the presence of Finance Minister Yubaraj Khatiwada and Vice-Chairperson of the World Bank for South Asian region, Hartwig Schafer.

On the occasion, Finance Minister Khatiwada praised the World Bank's support in various sectors of Nepal including infrastructure development, education, health, as well as tourism development and expressed his belief that the institution would further increase its support to Nepal in the days ahead.