World Bank has signed a $150 million concessional loan agreement with The Government of Nepal, to support its recovery from the COVID-19 pandemic.
The loan helps to protect the most vulnerable, and support sustainable growth.
The support will be utilized in the physical infrastructural projects and economic recovery sectors as per the requirement and priorities of the Government of Nepal.
The major supports by World Bank to different countries are featured below:
April 2021: To accelerate COVID-19 vaccination in Ecuador, the World Bank had approved a financing of USD 150 million. Ecuador is among the most affected countries in the region. The additional funding will expand the COVID-19 Emergency Response Project in Ecuador.
March 2021: For the development of urban services in Punjab in India, the World Bank had approved a $105 million Punjab Municipal Services Improvement Project. The project will strengthen urban services in Amritsar and Ludhiana the two largest cities in Punjab, India.
March 2021: As a part of sustainable development, the World Bank had approved a $700 million Development Policy Operation (DPO) to Angola. This DPO will bolster financial and social inclusion and strengthen the Angolas macro-financial and institutional environment for increased private-sector led growth.
Feb 2021: For the development of nutrition-supportive agriculture, the Government of India with the Government of Chhattisgarh signed a $100 million project with the World Bank. The project will develop sustainable production systems that allow tribal households in remote areas of Chhattisgarh.
Feb 2021: To boost digital procurement the World Bank had approved $40 million to help Bangladesh. The funding will increase the coverage of electronic government procurement (e-GP) with new features to respond to the COVID 19 challenges.
About World Bank Group
World Bank Group, headquartered in Washington D.C., United States, is a global financial institution. The group provides loans and grants to the poorer countries across the globe. The World Bank has around 189 member countries and having staff from more than 170 countries of the world. The group has offices at around 130 locations across the globe.
The World Bank Group comprises of International Bank for Reconstruction and Development (IBRD), focuses on middle-income and creditworthy poorer countries and the International Development Association (IDA) on the worlds poorest countries. Both institutions provide financing, policy advice, and technical assistance to governments of developing countries.