Category: Finance

Kathmandu: The World Bank’s Board of Executive Directors today approved $150 million in contingent financing for the Government of Nepal to use in the event of a natural or climate-induced hazard or health emergency in Nepal. The Nepal Disaster Resilience Development Policy Credit with Catastrophe Deferred Drawdown Option (Cat DDO) operation supports policy and regulatory… Continue reading World Bank approves $150 mn to strengthen Nepal’s disaster response and resilience

Kathmandu: Minister for Physical Infrastructure and Transport, Devendra Dahal, has announced that the reconstruction efforts following the recent floods and landslides will require an estimated budget of NPR 20 to 25 billion. Speaking at a meeting of the Infrastructure Development Committee of the House of Representatives, Minister Dahal explained that this estimate covers damages to… Continue reading Infrastructure Minister reveals reconstruction costs following recent floods and landslides

Kathmandu: The Ministry of Finance has begun assessing the economic repercussions of the recent floods and landslides that devastated the region. During a meeting of the ministry’s High Management Team today, Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel emphasized the need for detailed analysis as additional funds and resources will be necessary… Continue reading Finance ministry evaluates economic impact of recent floods and Landslides

Kathmandu: Nepal is set to receive Rs 1.06 billion as part of a carbon trading initiative aimed at reducing carbon dioxide emissions through its forests. This funding comes from the REDD Implementation Center under the Ministry of Forest and Environment, recognizing efforts in 13 districts of the Terai region. The financial support is linked to… Continue reading Nepal to receive Rs 1.06 bn from carbon trade for emission reduction

Kathmandu: A team from the Commission for the Investigation of Abuse of Authority (CIAA) has raided the office of the Civil Aviation Authority of Nepal (CAAN) in Sinamangal, seizing several “important” documents. The raid took place on Wednesday as part of an ongoing investigation into suspected irregularities within CAAN. The CIAA has been looking into… Continue reading CIAA raids CAAN amid corruption investigation

Kathmandu: Nepal’s economic growth is projected to accelerate to 5.1 percent in FY25 from 3.9 percent in FY24, driven by anticipated high tourist arrivals, along with increased hydropower and paddy production, according to the World Bank’s latest economic update, Nepal Development Update: International Migration and Well-being in Nepal, released today. The private sector is expected… Continue reading Nepal’s economy expected to maintain growth momentum

Kathmandu: A mountainous village in Solukhumbu is poised to generate electricity from a perennial river following government approval of an Environmental Impact Assessment (EIA) for the Amadablam Mini Hydro Project.Sonam Gyalzen Sherpa, a National Assembly Member and Chairman of the Federalism and National Concerns Committee, announced that the Ministry of Forests and Environment has approved… Continue reading Solukhumbu village set to harness hydropower from river near Mt Everest

Kathmandu: Domestic airlines in Nepal have agreed not to charge the maximum airfare set by the government until the road network is fully operational. This decision comes under the special initiative of Minister for Culture, Tourism, and Civil Aviation, Badri Pandey. Minister Pandey’s directive led the Civil Aviation Authority of Nepal (CAAN) to enforce a… Continue reading Domestic Airlines agree to maintain reduced airfares amid infrastructure challenges

Kathmandu: NICCI held a productive bilateral meeting in Kathmandu with Mr. Ricardo Dalla Costa, the General Consul of Italy in Kolkata. The meeting was attended by Mr. Sanjay Agrawal, President of NICCI, and Mrs. Pratima Pandey, Honorary Consul General of Italy for Nepal. The discussions focused on boosting trade between Nepal and India, with an… Continue reading Nepal Italy Chamber of Commerce and Industry and Italian Consul discussed Nepal-India trade promotion

Kathmandu: The price of gold in the domestic market has surged to a record high of Rs 160,700 per tola on Thursday, according to the Federation of Nepal Gold and Silver Dealers’ Associations. This marks an increase of Rs 300 from the previous day, when gold was priced at Rs 160,400 per tola. This latest… Continue reading Gold prices reach new record high in Nepal