World Bank Provides Credit To Nepal

The International Development Association (IDA) of the World Bank has agreed to provide Rs. 2.90 billion credit to the Government of Nepal. At a programme organized at the Ministry of Finance on Wednesday, July 31, 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 credit is to provide budgetary support to the Government of Nepal to help it 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 (NRB) 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 NRB for reform in 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.