World Bank to provide loan of US$ 150 million to improve Nepal’s financial sector
Photo:RSS
Kathmandu, May 4: The World Bank is to provide a loan of USD 150 million (approximately Rs. 18.36 billion) to strengthen the financial sector of Nepal. The loan is given under the title ‘Finance for Growth and Development Policy Credit’.
Finance Secretary Madhu Kumar Marasini and World Bank Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos sealed the deal in Kathmandu on Wednesday. The loan is expected to diversify and strengthen the financial services in Nepal.
Further, Finance Secretary Marasini said, “The strategy focuses on addressing the risks of COVID-19 and climate change, as well as bringing digital payments and financial inclusion into the mainstream.”
The project is expected to help achieve sustainable growth in the financial sector of Nepal. t will also support initiatives to increase the liquidity and inclusion of the economy through access to external business lending, financial digitization and financial literacy for women.
Moreover, Country Director of the World Bank Zervos is confident that the project will bring about positive changes in the financial market and mitigate measures brought about by the pandemic.
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