Kathmandu, June 17. On Thursday, the board of Executive Directors at the World Bank approved a USD 150 million (approx. 1,779 crore Nepali rupees) financial assistance to support Nepal’s COVID response and management. 

The decision was made with the objective of protecting vulnerable groups and supporting sustainable growth in Nepal.

World Bank Country Director for Nepal, Faris Hadad-Zervos issued an official statement that reads, “Amid the economic and social impacts of the pandemic, our priority is to provide immediate relief to affected populations and support Nepal’s green, resilient, and inclusive recovery.”

The aid was allocated under the world bank’s program: Nepal Programmatic Fiscal Policy for Growth, Recovery, and Resilience.

World Bank’s Task Team Leader, Senior Economist Kene Ezemenari said that the development policy supports the effort of the government of Nepal in addressing the impacts of COVID-19 and removing barriers to an effective economic recovery.

With more than $12 billion in financial aid, the world bank is currently helping more than 100 low- and middle-income countries to purchase and distribute COVID-19 vaccines, test kits, and treatment support during the pandemic.

$60 million aid for Nepal’s Education

Earlier last week, the World Bank had signed USD 60 million financial aid for improving Nepal’s education sector under its ‘Nurturing Excellence in Higher Education Program.