World Bank to provide Rs 5.87 billion loan to Nepal

KATHMANDU: SEPT. 15 – The Government of Nepal and the World Bank have signed two separate concessional loan agreements. A concessional loan agreement of about Rs. 5.87 billion ($50 million) has been signed for the improvement of the school sector and strengthening of the health sector in Nepal.

The agreement was signed by Finance Secretary Madhukumar Marasini and World Bank National Director for Nepal, Maldives and Sri Lanka Ferris Hadad Jarvis on behalf of the Government of Nepal at a ceremony at the Ministry of Finance on Wednesday.

At the signing ceremony, Finance Secretary Marasini said that the financial assistance provided by the bank would meet the financial needs of Nepal. He said that the financial assistance provided by the World Bank to improve schools and the health sector would be effective especially after the COVID-19 epidemic. “COVID-19 has had a huge impact on schools and the health sector,” he said.

He expressed the belief that the assistance provided by the Bank in the health sector would make a significant contribution to building an efficient, effective, transparent and accountable health system in Nepal by conducting programs in the health sector based on results indicators. Similarly, the school sector reform program will act as a catalyst for the development of strong human capital.

At the ceremony, Ferris, National Director of the World Bank, expressed confidence that such cooperation would contribute to making Nepal’s education and health systems inclusive and uplifting. He said the agreement would help achieve Nepal’s goal of ensuring equal access to health care for all and providing inclusive education to adolescents.

It is said that the loan assistance provided by the World Bank will help to ensure access to education for all by providing scholarships and science scholarships to the poor of Nepal. It is hoped that this will help reduce the number of school dropouts.

It is said that the health sector management reform program will be implemented in Nepal with the assistance provided in the health sector. It will help improve public procurement, financial management, information management and citizen engagement for greater accountability in the health sector.

Even before this, the World Bank has been providing concessional loans for the improvement of education and various sectors in Nepal.