August 13, Kathmandu. The World Bank is going to give a concessional loan of US $ 100 million (Rs 13 billion) to Nepal. An agreement was signed between the Government of Nepal and the World Bank on Monday to obtain a concessional loan for the New Development Policy Loan (DPC) for Green, Sustainable and Inclusive Development (GRID) in Nepal.
This loan will be raised as budgetary support. This is the first of three concessional loan DPCs under Grid.
The agreement was signed by Ishwari Prasad Aryal, Joint Secretary, International Economic Cooperation Coordination Division, Ministry of Finance, on behalf of the Government of Nepal, and Lada Strelkova, World Bank Operations Manager for Maldives, Nepal and Sri Lanka.
According to Strelkova, the assistance will be spent on the government’s priority policy actions in areas such as land use, climate smart agriculture, sustainable forest management, urban waste and pollution.
According to the Ministry of Finance, promoting sustainable and productive use of natural capital, sustainable and productive use of natural capital, resilience of urban and rural infrastructure, human capital and livelihoods sector against climate and environmental risks and more efficient and clean production, This first phase of operation of the grid DPC includes consumption and transportation. This program is to support the policy actions adopted by the Government of Nepal for strategic transformation under the Grid.
The program is said to green Nepal’s economy as well as encourage the private sector in creating jobs in sectors such as community forestry, agriculture, clean air and solid waste management. In addition to strengthening inclusivity in the development-related decision-making process, the program will also help improve access to resources and services for all.