World Bank approves $100 million to support Nepal’s developmentThe credit will support to encourage private sector investment in greening Nepal’s economy and creating jobs.
The World Bank has approved a $100 million development policy credit to help improve the enabling environment for Nepal’s green, climate-resilient, and inclusive development pathway. This is the first in a programmatic series of three development policy credits on Green, Resilient and Inclusive Development (GRID).
“In the wake of the Covid-19 pandemic, the World Bank has pivoted its programme in Nepal to focus support to the government to pursue a greener, more inclusive, and more resilient development path,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka, in a press statement issued on Friday. “Through this operation, we are supporting the government’s key policy actions across sectors including water, land use, agriculture, forest, urban, waste, and pollution.”
This first operation supports strategic GRID transitions that help build and maintain prosperity for all. This includes the sustainable and productive use of natural capital; strengthening the resilience of urban and rural infrastructure, human capital, and livelihoods to climate and environmental risks; and promoting more efficient and cleaner production, consumption, and mobility.
According to the World Bank, the operation also supports reforms for strengthening inclusion in development decision-making and access to assets and services; and encourages private sector investment in greening Nepal’s economy and creating jobs and livelihoods related to such areas as community forestry, agriculture, clean air, and solid waste management.
“Nepal’s shift to the GRID approach is a strategic move during a challenging era that is full of opportunity. This shift will help the country continue to make progress on expanding and protecting prosperity while reducing poverty in the face of compounding challenges that affect Nepal’s development, including Covid, disaster, climate and environmental risks,” said Steve Danyo, Sector Leader for Sustainable Development for Maldives, Nepal and Sri Lanka, and the Task Team Leader for the operation.
“The GRID supports Nepal’s shift to a more sustainable, resilient, and inclusive economy.”