Kathmandu, March 2: The World Bank is providing a loan of US$ 200 million (Rs 26.51 billion) for two projects.
The decision was taken at a meeting of the Executive Committee of the World Bank on Friday, March 1. The assistance will help expand and maintain Nepal’s provincial and local road networks.
“The World Bank is committed to supporting Nepal’s inclusive development. Through the World Bank’s International Development Association (IDA), we have focused on improving the quality of life of Nepalis through services and infrastructure,” said Ferris Hadad Jarvos, the Bank’s country director for the Maldives, Nepal, and Sri Lanka.
According to a press release issued by the Bank’s head office in Washington DC, US$ 100 million (about Rs 13.25 billion rupees) of assistance to Nepal will be used to improve revenue collection and enhance transparency in debt management.
This amount will be used to automate the foreign direct investment process. Similarly, more than Rs 100 million (about Rs 13.25 billion) will be spent on the maintenance of provincial (Madhes, Karnali, and Sudurpaschim provinces) and local road infrastructure. This will lead to effectiveness in service delivery as well as easy access to the local community.
People’s News Monitoring Service.
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