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World Bank Provides Nepal With Loan Of Rs 2.90 Billion
By KTM Metro Reporter
August 1, 2013: the World Bank (WB) agreed to provide Nepal with Rs. 2.90 billion (US$ 30 million) loan yesterday. The main objective of this loan assistance is to avail budgetary support for the government to continue the already initiated reforms in the areas of financial sector development, the news on ‘gorkhapatraonline.com’ quotes the press release released by the Ministry of Finance yesterday.
Secretary to the Ministry of Finance Shanta Raj Subedi on behalf of the government of Nepal and World Bank Country Manager Tahseen Sayed on behalf of the World Bank signed off the agreement at a function held at the Ministry of Finance yesterday. Secretary Subedi appreciated the World Bank for the assistance and also hoped for continued support for the socio-economic development of Nepal.
The financing amount US $ 30 million will be allocated in a single installment and the closing date of the financing is December 31, 2013.
The government has already embarked on the broader reform program on addressing the vulnerabilities of financial sector in the mid 2011. The restructuring of two major state-run banks such as Nepal Bank Limited and Rastriya Banijya Bank is going on. The government has initiated the acts against money laundering and terrorist financing under the financial sector reforms the news on ‘gorkhaparaonline.com’ quotes the press statement.
