KATHMANDU, Aug 7: The World Bank (WB) has decided to provide Nepal with $100 million in assistance.
Nepal will receive financial assistance equivalent to $100 million from the World Bank for the Provincial and Local Road Network Improvement Program.
According to the Ministry of Finance, the assistance provided by the International Development Association (IDA) under the World Bank, will be utilized for local road improvement projects.
World Bank providing Nepal with credit of $200 million for fisc...
The World Bank strongly believes that the financial assistance will help improve connectivity, efficiency, and safety in Nepal's provinces.
An agreement on financial assistance was signed recently between Nepal and the IDA representatives in Kathmandu.
In the first phase of the Provincial and Local Road Improvement Program (PARIP), approximately 3,000 kilometers of road network will be constructed and improved that will benefit around one million people in Sudurpaschim, Karnali, and Madhesh provinces.
Furthermore, under the program, resilient, and safe roads and bridges will be constructed and maintained on a regular basis.
The World Bank believes that this will strengthen the institutional, managerial, and technical abilities of the provincial and local governments to plan, design, build, and maintain roads and bridges.
The agreement was signed by Dr Ram Prasad Ghimire, Finance Secretary of Nepal, and David Sislen, the World Bank Country Director for the Maldives, Nepal, and Sri Lanka.
The World Bank also mentioned that separate agreements were signed between the Ministry of Urban Development, the participating provinces, and the World Bank for separate individual projects.
