Kathmandu, August 11, 2018: The World Bank Group’s (WBG) board meeting concluded with the approval of budgetary assistance worth $100 million for Nepal. The executive directors from the meeting decided that this is the last series of ‘Financial Sector Stability Development Policy Credit’ which was started in 2013.
‘Financial Sector Stability Development Policy Credit and Fiscal’ and ‘Public Financial Management Development Policy Credit’ are the two budgetary assistance that WBG has been providing. And, recently the ‘Energy Efficiency’ was added by a multilateral bank which can be obtained by the county from WBG in the energy sector. When Finance Minister Yubaraj Khatiwada met WBG directors and proposed for the support in the energy sector and it got approved. After approval, Nepal will have the responsibility to develop an action plan for Environmental Impact Assessment Guidelines for electricity development. Homkanta Bhandari, undersecretary at the Ministry of Finance added that the discussion held among the directors on investment was in the energy sector in Nepal and also the potential private sectors.
Under the energy sector, the discussion marked and emphasized in the large-scale hydropower projects. The finance minister has been determined for legal, administrative and procedural reforms in the energy sector.