WB gives Rs 2.9bn loan to Nepal for financial sector reforms

The World Bank has agreed to give Rs 2.90 billion as soft loan to Nepal for financial sector reforms.
The agreement to this effect was signed by Shanta Raj Subedi, Secretary, Finance Ministry and Tahseen Sayed, World Bank Country Manager for Nepal yesterday.
The aim of the loans by the International Development Association (IDA) of the World Bank is to avail budgetary support to the Government of Nepal to help carry out the already initiated reform activities especially in areas of financial sector development, official sources said.
Nepal has already embarked on the broader reform programme to address financial sector vulnerabilities in mid-2011.

During the period, Nepal Rastra Bank, the central bank of Nepal, had initiated financial inclusion and financial literacy programme in consultation and cooperation with various stakeholders.
The restructuring task of two major state-controlled banks -- Nepal Bank Limited (NBL) and Rastriya Banijya Bank (RBB) has been forwarded.