Kathmandu: The Government of Nepal and the World Bank 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 loan on GRID.
The agreement was signed by Ishwori Prasad Aryal, Joint Secretary, International Economic Cooperation Coordination Division, Ministry of Finance, on behalf of the Government of Nepal, and Lada Strelkova, World Bank Operations Manager for Maldives, Nepal, and Sri Lanka.
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 risks; and more efficient and cleaner production, consumption, and mobility.
It also supports policy actions of Government of Nepal for strategic GRID transitions that help build and maintain prosperity for all.
The operation will encourage private sector investment in greening Nepal’s economy and creating jobs and livelihoods related to areas such as community forestry, agriculture, clean air, and solid waste management.
It also supports reforms for strengthening inclusion in development decision-making and access to assets and services.