IDA to provide Rs. 2.90 billion credit assistance to Nepal

Kathmandu, JUly 31 –  The International Development Association (IDA) of the World Bank has agreed to provide Rs. 2.90 billion credit assistance to the Government of Nepal.

 

At a programme organised at the Ministry of Finance, Singha Durbar, today, Secretary at the Finance Ministry, Shanta Raj Subedi and World Bank Country Manager for Nepal, Tahseen Sayed, signed the agreement.

 

The main objective of the loan assistance is to avail budgetary support to the Government of Nepal to help to carry out the already initiated reform activities especially in areas of financial sector development.

 

 The Government of Nepal has already embarked on the broader reform programme to address financial sector vulnerabilities during the mid 2011. In this course, Nepal Rastra Bank has initiated financial inclusion and financial literacy programme in consultation and cooperation with stakeholders.

 The restructuring task of two major state-controlled banks-Nepal Bank Limited (NBL) and Rastriya Banijya Bank (RBB) has been forwarded.

 

On the occasion, Tahseen appraised the initiatives taken by the Nepal Rastra Bank (NRB) for reform of financial sector and lauded the role played by the Government of Nepal to maintain financial discipline as well as establishment of Department of Money Laundering.

 

Similarly, Finance Secretary, Subedi lauded  the WB for its support on economic development and added that the government is committed to end financial irregularities.

 

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