KATHMANDU, Dec 15: Nepal Rastra Bank (NRB) has signed a Memorandum of Understanding (MoU) with the International Finance Corporation (IFC) on climate finance.
With the agreement put into effect, the IFC will be providing technical assistance to the NRB for the development of climate finance in Nepal. Under the project that will be operational until September 2028, the NRB will prepare a draft on strategy and roadmap of climate finance.
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The MoU was signed at a program organized on Monday in the presence of the NRB’s Deputy Governor Bam Bahadur Mishra. Executive Director of the NRB Dayaram Sharma Pangeni and Manager of Country Advisory and Economics for IFC South Asia Gregory Smith inked the agreement on behalf of their organizations.
The NRB in a press statement said that a framework will also be prepared for the phasewise implementation of the strategy. Under this, IFC will conduct training and capacity building programs to enhance the capacity of the NRB and the overall financial sector in the formulation and implementation of climate finance strategies.
The implementation of the project is expected to help promote the mobilization of financial resources in the field of climate adaptation, addressing climate-related financial risks in Nepal.
