Stories Tagged 'World bank'
The World Bank has agreed to provide financial assistance to the Roads Department to build 14 bridges on the Muglin-Narayanghat road, the Kathmandu Valley’s key supply line which is currently being upgraded from single lane to double lane.
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International Finance Corporation (IFC), a member of the World Bank Group, has extended support to Nepal Rastra Bank (NRB), the central monetary authority of Nepal, in developing the country’s first Environmental and Social Risk Management (ESRM) guidelines for the financial sector.
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Faris Hadad-Zervos, the World Bank’s new Country Manager for Nepal, arrived in Kathmandu on Tuesday to take up his position.
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The World Bank warned in its Nepal Development Update 2018 that the ratio of public borrowing to gross domestic product (GDP) would rise alarmingly with the government facing a high fiscal deficit due to the unmanaged annual budget and implementation of a federal system.
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Nepal’s move from unitary to federal government system has enabled local bodies and provinces to design policies, make decisions, introduce budget and deliver public goods and services on their own.
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The World Bank has approved a credit of $300 million to rebuild private houses destroyed by devastating earthquakes of April and May, 2015.
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