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Kathmandu, Nepal, August 29, 2022: The Government of Nepal and the World Bank (WB) have signed in a concessional financing agreement of $100 million (equivalent to Rs. 12.7 billion) for Green, Resilient, and Inclusive Development (GRID) project.
Ishwori Prasad Aryal, joint-secretary at the International Economic Cooperation Coordination Division of the Ministry of Finance (MoF) and Lada Strelkova, operations manager of the WB for the Maldives, Nepal, and Sri Lanka, signed in the agreement amid a function in Kathmandu on Monday.
This is the first out of three concessional loans of the GRID financing that the international lending institution is providing to Nepal. The project aims to support improvements in the enabling environment in Nepal toward a green, climate-resilient, and inclusive development.
"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," the WB has said "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."
It is said that the operation encourages private sector investment in greening Nepal’s economy and creating jobs and livelihoods related to areas such as community forestry, agriculture, clean air, solid waste management, strengthening inclusion in development, decision-making and access to assets and services.
