World Bank to provide $109.2 mn assistance to Nepal | world | Hindustan Times
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World Bank to provide $109.2 mn assistance to Nepal

The World Bank signed two agreements with Nepal pledging a financial assistance of $109.2 million to Kathmandu for development works in the energy and agriculture sectors in the country.

world Updated: Aug 22, 2009 15:16 IST

The World Bank signed two agreements with Nepal pledging a financial assistance of $109.2 million to Kathmandu for development works in the energy and agriculture sectors in the country.

Nepalese Finance Secretary Rameshor Khanal and World Bank Country Director for Nepal Susan Goldmark inked two separate agreements to this effect here, officials said.

Under the first deal, the World Bank will provide $89.2 million to finance Power Development Project to help Nepal implement its Energy Crisis Management Action Plan.

Under the second agreement, the Bank will provide $20 million for the implementation of the Project for Agriculture Commercialization and Trade. The project will help to improve the competitiveness of small farmers and agriculture based business in 25 districts across Nepal.

The additional financing includes funding the rehabilitation of the Kali Gandaki 'A' Hydro Electric Plant (HEP) as well as of two existing thermal plants in Duhabi and Hetauda in south Nepal.

World Bank's assistance will help Nepal minimise global economic impacts and hardships in the short term as well as to implement medium to long term development plans.