back

World Bank to provide $150m loan for financial sector-consolidation

KATHMANDU- The World Bank is set to provide $150 million (approximately Rs 18.32 billion) loan to strengthen the financial sector of Nepal. The loan under the title ‘Finance for Growth and Development Policy Credit’ is being provided to help diversify financial solutions and increase access to financial services in Nepal.

A bilateral agreement to this end was signed here on Wednesday by Finance Secretary Madhu Kumar Marasini and World Bank Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos, on behalf of the World Bank.
Speaking on the occasion, Finance Secretary Marasini said that the major priorities of the country at present are guided by the objective of achieving sustainable and inclusive growth, as reflected in the Financial Sector Development Strategy (2078-2082). The strategy focuses on addressing the risks of Coid 19 and climate change, as well as bringing digital payments and financial inclusion into the mainstream,” he said.

The support is expected to help supervision of the banking sector to address the risks of financial stability in the face of the Covid 19 pandemic. It will also help open up capital, insurance, and disaster risk financial markets and promote the latest financial services.

It will also support initiatives to increase the liquidity and inclusion of the economy through access to external business lending, financial digitisation and financial literacy for women. The project will also help improve the functioning of the financial sector.

The project will support Nepal’s green and inclusive growth as well as launch a new climate agenda by supporting climate finance upliftment policies in various sectors.

Country Director of the World Bank Zervos expressed confidence that the project would further contribute to the government’s policies and priorities to mitigate the adverse effects of the pandemic by supporting the financial sector reforms with an expanded climate-resilience agenda in the financial market.


Global IME Bank Surpasses Rs 500 Billion in Deposits

Global IME Bank Surpasses Rs 500 Billion in Deposits

वि.सं.२०८१ असार २८ शुक्रवार १४:५०

Kathmandu- Global IME Bank’s milestone, contributing around 8.83% of the...

FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal

FNCCI President Dhakal Urges OPEC Fund for More Investment in Nepal

वि.सं.२०८१ असार १२ बुधवार १८:०२

Kathmandu- President of the Federation of Nepalese Chambers of Commerce...

Activity-Based Costing (ABC) – An Effective Tool for Better Cost Management

Activity-Based Costing (ABC) – An Effective Tool for Better Cost Management

वि.सं.२०८० चैत २३ शुक्रवार ०८:३०

In the age of globalization and complicated business environments, activity-based...

Electricity of Nepal: Export of electricity to Bangladesh started from the first week of July

Electricity of Nepal: Export of electricity to Bangladesh started from the first week of July

वि.सं.२०८० असार १७ आइतवार १३:५४

Kathmandu. Nepal has started preparing to export electricity to Bangladesh....

Experts from Oxford Facilitate Creative Writing Workshop at TU

Experts from Oxford Facilitate Creative Writing Workshop at TU

वि.सं.२०७९ फागुन १५ सोमवार २१:१७

Kathmandu - Scholars of creative writing from the University of...

Himalaya Airlines lands successfully at Pokhara International Airport (PIA)

Himalaya Airlines lands successfully at Pokhara International Airport (PIA)

वि.सं.२०७९ पुस १७ आइतवार २२:१२

Pokhara,Nepal - Himalaya Airlines Airbus A320 9N-ALV has performed a...