Nepal govt, World Bank sign financing pacts worth $350m

nepal-govt,-world-bank-sign-financing-pacts-worth-$350m

, NOVEMBER 18

The government of and signed two separate agreements today that will help strengthen urban governance and the financial sector in in support of the country’s COVID-19 resilience and recovery efforts.

The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Credit were signed by Finance Secretary Sishir Kumar Dhungana on behalf of the Nepal government, and the World Bank Country Director for Nepal, Maldives and Sri Lanka, Faris Hadad-Zervos, according to a media release.

The $150 million (around Rs 18 billion) Nepal Urban Governance and Infrastructure Project will support municipalities located in two strategic urban clusters: Eastern-Tarai region (Provinces 1 and 2) and Western region (Gandaki Province and Lumbini Province). Through Nepal’s’ first dedicated Urban Sector support, the project will finance strategic infrastructure in the targeted cities, based on the priorities of the municipalities and their citizens. The project will also support capacity building for the municipalities for improved urban management and with strong focus on citizen engagement, enabling targeted municipalities to better plan, manage and execute service delivery and urban management activities.

The project will finance small scale labour intensive public works, thus supporting economic recovery and creating temporary jobs for at least 20,000 people across Nepal, including women and other vulnerable groups. The project also includes a contingency emergency response component to allow for reallocation of project funds to support response and recovery in case of a national emergency, the release adds.

Similarly, recognising several initia


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