SHARM EL SHEIKH, Egypt, Nov 11: The World Bank is ready to step up financing of action to tackle climate change in the world's poorest countries, but needs fresh funds from wealthy donor countries to do so, its managing director of operations told Reuters.
WASHINGTON DC, Oct 14: Finance Minister Janardan Sharma has urged the World Bank to place Nepal on priority in its several initiatives such as conservation of the mountainous region, economic revival of rural areas and green corridor along river banks.
WASHINGTON DC, Oct 13: Finance Minister Janardan Sharma presided over the 53rd Governors' Session of the World Bank Group and the South East Asian Group of the International Monetary Fund on Wednesday.
WASHINGTON DC, Oct 12: Finance Minister Janardan Sharma arrived in Washington DC, the capital of the United States of America (USA) on Tuesday evening in connection with participating in the Annual Conference of the World Bank and the International Monetary Fund (IMF).
KATHMANDU, Sept 13: The government has approved Rs 35 billion (275 million USD) concessional loan to be provided by the World Bank. The loan would be spent on the transportation and trade connectivity promotion programme.
KATHMANDU, August 31: Experts have said that the concessional loan agreement signed between the World Bank and Nepal on Monday for the purpose of getting assistance to avoid and adapt to climate-related disasters is not in accordance with the international norms on climate finance and the stance that Nepal has been is taking at international forums. In the field of climate-sustainability and adaptation, their argument is that it is completely wrong to take a loan as the financial assistance given to an underdeveloped and at-risk country like Nepal should be in the form of grants.
KATHMANDU, August 29: Nepal and the World Bank (WB) on Monday signed a concessional financing agreement for US $100 million (Rs 12.7 billion) for the Green, Resilient, and Inclusive Development (GRID) project.
KATHMANDU, August 14: The government has decided to accept around Rs 12.7 billion ($100 million) development policy credit (DPC) provided by the World Bank to improve the enabling environment for Nepal's green, climate-resilient and inclusive development pathway.
KATHMANDU, June 19: Managing Director of the Development Policy and Partnerships, the World Bank (WB), Mari Elka Pangestu paid a courtesy call on Minister of Finance Janardan Sharma at the latter's office in Singha Durbar on Sunday.
KATHMANDU, May 4: The government on Wednesday signed an agreement with the World Bank (WB) to get a loan of USD 150 million to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in Nepal.
KATHMANDU, March 26: The World Bank is to provide Rs 18 billion under the Finance for Growth development policy credit to strengthen Nepal's financial sector for its green, resilient and inclusive development. The Bank's Board of Executive Directors took a decision to this effect on Thursday.
KATHMANDU, Oct 7: The World Bank (WB) has projected that the Nepali economy will grow by 3.9 percent in the current fiscal year, an improved average from 2020/21, with the country lifting containment measures as vaccination picks up and tourism and migrant worker flow recover.
WASHINGTON, June 30: The World Bank on Wednesday pledged to boost available funding for COVID-19 vaccine purchases and deployment to $20 billion from a previous target of $12 billion, citing a sharp increase in overall financing demand from developing countries.
KATHMANDU, June 17: The World Bank’s Board of Executive Directors today approved a $150 million (equivalent to Rs 17.55 billion) development policy credit to support Nepal’s resilient recovery from the COVID-19 pandemic, protect the most vulnerable, and support sustainable growth.
KATHMANDU, June 12: The World Bank (WB) on Friday approved US $ 60 million to improve the quality of Nepal’s higher education, scale up online learning, and expand access to academic institutions for underprivileged and vulnerable students.
KATHMANDU, June 9: The World Bank (WB) has pointed out that the slow process of vaccination has hit the economic recovery of countries like Nepal that are being hit hard by the second wave of COVID-19.
MYANMAR, Feb 26: Myanmar police launched a crackdown overnight in a Yangon district after breaking up a protest to oppose a military appointed local official, as the World Bank halted payments to projects in the country that were made after the Feb. 1 coup.
UNITED STATES, Oct 14: The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.
KATHMANDU, Sept 5: The government has signed a financing agreement with the World Bank today for an additional grant of US$10.85 million to the School Sector Development Program (SSDP) to maintain access to basic education and continued learning for children amid the COVID-19 crisis.
In an email interview with Republica, Faris Hadad-Zervos, World Bank Country Director for the Maldives, Nepal and Sri Lanka, explains the framework along with other issues like the World Bank’s support to Nepal and how the government should manage its resources during this crisis:
KATHMANDU, July 20: The government with the support of the World Bank launched a project titled ‘Youth Employment Transformation Initiative’ on Monday. The US $120 million project will be implemented over the next four years with a focus on improving employment services and labor market outcomes, especially for youth.
KATHMANDU, June 24: Government of Nepal and the World Bank Board signed a Development Policy Credit of 100 million US dollars today to improve the financial viability and governance of the energy sector and recover from the Covid-19 crisis. The agreement was signed by Finance Secretary, Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.
KATHMANDU, May 18: Three United Nations agencies and the World Bank have issued new guidelines on the safe reopening of schools amidst the ongoing closure that has affected nearly 1.3 billion students worldwide.
KATHMANDU, April 12: Nepal's economic growth is expected to fall to a range between 1.5 and 2.8 percent in the Fiscal Year 2020 reflecting lower remittances, trade and tourism, and broader disruptions caused by the coronavirus outbreak, the World Bank said on Sunday.
NAIROBI, April 9: The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday.
KATHMANDU, April 8: The World Bank has approved a fast-track US$ 29 million COVID-19 Emergency Response and Health Systems Preparedness Project to help Nepal prevent, detect, and respond to the COVID-19 pandemic and strengthen its public health preparedness. According to World Bank officials, the agreement was signed today by the Ministry of Finance and the World Bank.
Last month, some of us met visiting executive directors of the World Bank in Kathmandu. The fact that nine of 25 EDs came to Nepal demonstrated a level of curiosity the bank has about Nepal now. Nepal also seems to be increasing its engagement with the bank by entering into new loan agreements and starting new projects. Given the prevalence of both cost and time overrun in most of the projects in Nepal, one of the topics of discussion was “science of delivery”—how to improve the delivery of projects in Nepal.
KATHMANDU, Nov 8: After decade-long preparations, Nepal is set to sign a deal next month with World Bank’s Forest Carbon Partnership Facility (FCPF) unlocking potentials to attract up to US$ 45 million until 2025. The Emissions Reduction Payment Agreement (ERPA) will help the government, communities, and stakeholders to reduce deforestation and forest degradation.
Nepal’s ranking in World Bank’s Doing Business (DB) improved from last year’s 110th to 94th, mainly due to the improved scores in getting credit, trading across borders, and dealing with construction permit sub indicators. This news brought much needed joy to the finance ministry beset with the increasing criticism of how it has hitherto handled economy. The finance minister was said to be “giddy”, according to an expatriate living in Kathmandu who met him after the ranking came out, and a news conference was organized in the ministry the next day. The ranking, which had remained more or less constant for more than 10 years (see the graph), suddenly seemed to be moving in the right direction. The ministry officials rightly promised to create a momentum and improve the ranking in the years to come.