The global financial agency World Bank has approved a $100 million Development Policy Credit (DPC) to support to the Nepal Government in improving the financial viability and governance of the electricity sector and recovering from the COVID-19 crisis.
- The approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal’s electricity sector.
- These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepals hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure.
The World Bank measures against COVID-19 pandemic in last six months 2020:
- May 2020: World Bank has approved a financing of $48 million from the International Development Association (IDA) to help Uganda prevent and respond to the threat to livelihoods posed by the desert locust outbreak and to strengthen its national and regional systems for preparedness.
- May 2020: World Bank approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap. The fund will also help to respond the COVID-19 outbreak.
- May 2020: World Bank has approved an emergency loan of USD 20 million to support the Uruguayan Governments efforts to minimize impacts of the Coronavirus pandemic (COVID-19) on the health system.
- May 2020: World Bank has approved USD 50 million for Egypt as an emergency response under the World Bank Groups new Fast Track COVID-19 Facility a global effort to help strengthen the COVID-19 response and shorten the time to recovery.
- May 2020: World Bank has announced $170 million for the restructuring of the Healthcare Service Network Project requested by Bolivias Ministry of Development Planning. The fund will strengthen the capacity of the healthcare systems response to the Covid-19 pandemic in Bolivia.
- May 2020: World Bank has approved a flexible $500 million loan to Ecuador to help during the Covid-19 emergency and to promote economic recovery. The loan is the second in a series of three Development Policy Financing (DPF) operations. The first loan of this series was disbursed in June 2019.
World Bank has announced that it delivered $10 million in emergency funding to Pacific island country Vanuatu to support the countrys response to the combined impacts of the global COVID-19 (coronavirus) pandemic and Tropical Cyclone Harold.
In response to COVID-19 (coronavirus) pandemic the World Bank has approved approximately $37 million an immediate funding to Malawis fight against global pandemic. The fund helps COVID-19 Emergency Response and Health Systems Preparedness project of the country.
Coronavirus (COVID-19) epidemic is spreading to whole world. In response to this the World Bank has announced an emergency fund of $20 million for Papua New Guinea (PNG) to fight against COVID-19.
Under COVID-19 emergency the World Bank has announced a fast-track financing of $100 million to help Bangladesh prevent, detect, and respond to the COVID-19 (Coronavirus) pandemic. The fund will benefit the citizens of the country with suspected and confirmed infections, at-risk populations, medical and emergency personnel and it also helps public and private service providers, medical and testing facilities, and the health infrastructure of the country.
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.