Nepal, WB sign Rs 12.7 billion Financing Agreement to Support GRID

KATHMANDU

The Government and the World Bank (WB) today signed a concessional financing agreement for $100 million (equivalent to Rs. 12.7 billion) for Green, Resilient, and Inclusive Development (GRID).

The proposed budgetary support aims to support improvements in the enabling environment in Nepal toward a green, climate-resilient, and inclusive development. This is the first in a programmatic series of three concessional loans on GRID.

The agreement was signed by Mr Ishwori Prasad Aryal, Joint Secretary, International Economic Cooperation Coordination Division, Ministry of Finance, on behalf of the Government of Nepal, and Ms Lada Strelkova, World Bank Operations Manager for Maldives, Nepal, and Sri Lanka, the World Bank said in a press release today.

“In the wake of the COVID-19 pandemic, the Government of Nepal, World Bank and development partners signed the critical Kathmandu Declaration pivoting our programs in Nepal to support the country’s goals of a greener, more inclusive, and more resilient development,” said Strelkova.

“This operation is a key part of this commitment. Through this operation, we are supporting the Government’s key policy actions across sectors including water, land use, climate-smart agriculture, sustainable forest management, urban, waste, and pollution.”

This first operation supports policy actions for strategic GRID transitions such as the sustainable and productive use of natural capital; resilience of urban and rural infrastructure, human capital, and livelihoods to climate and environmental ris