WB grants USD 30 mn credit for Nepal`s financial sector
Kathmandu: The World Bank has approved a USD 30 million credit to help Nepal accelerate its financial sector reform programme with a view to reducing vulnerability of the banking sector and increasing its transparency.
Nepal`s medium-term programme for the financial sector focuses on reforms designed to place the financial sector on a sound foundation for the future, according to a statement issued by World Bank Nepal office.
The Nepal Financial Sector Stability Credit will support six main policy areas which includes formulation of a financial sector development strategy; restructuring of two government owned commercial banks, Nepal Bank Ltd and Rastriya Banijya Bank, the statement said.
Strengthening the legal and regulatory framework for effective bank resolution and increasing the transparency of the financial system, it said.
"The proposed credit recognises the important progress made so far by the Nepali authorities to tackle financial sector vulnerability and supports the acceleration of a medium term reform strategy which commenced implementation in 2011," said Johannes Zutt, World Bank Country Director for Nepal.
This Development Policy Credit has been prepared in close collaboration with the IMF and Britain`s Department for International Development, which has recently approved a long term technical assistance package to support financial sector reforms in Nepal.
More from India
More from World
More from Sports
More from Entertaiment
- PM Modi visits Lord Jagannath temple at Puri
- Boyfriend murders DU student Arzu Singh; hides body in his house for three days
- International Fleet Review: India shows off naval prowess in "Operation Demo"
- Can comments on social media against politicians land you in jail?
- Declared unfit for employment, man invents cost-effective electric car called Pixie!
- India brought Afghanistan athletes in chartered flight: Pakistan envoy impressed with SAG 2016
- PM Narendra Modi never disappoints his supporters, here's another example - see pic
- WATCH: When PM Modi took his supporters by surprise, came to meet them standing on car's side foot step
- Year of the Monkey: Know how lucky you are according to Chinese calendar!
- India vs Sri Lanka 2016, 1st T20I: Squads, date, time, TV listing, live streaming