WB approves $100 mln to support Nepal’s policy framework for development and growth

December 14, 2024, 02:54:34 PM |

KATHMANDU: The World Bank’s Board of Executive Directors today approved a $100 million development policy operation (DPO) to help Nepal strengthen its ongoing efforts to implement green, resilient, and inclusive development. This is the second in a programmatic series of three DPOs which aims to improve the enabling environment for Nepal’s sustainability pathway.

“This programmatic DPO series is a catalyst for Nepal to build greater resilience and sustainability, and drive and protect the basis for long-term growth for all Nepalis,” said David Sislen, World Bank Regional Country Director for Maldives, Nepal, and Sri Lanka. “This operation supports Nepal’s policy program in a variety of sectors including green fiscal instruments, water security, irrigation, land use and management, sustainable forest management, and climate and disaster information systems.”

Since 2021, the Government of Nepal has laid out an ambitious program of action in the area of environmental sustainability, resilience, and inclusive development. This approach recognizes the need for a development model to address the intertwined challenges of joblessness, pandemics, expanding economic opportunities for vulnerable groups, and climate and other environmental risks that impact Nepal’s people, prosperity, and environment.

The World Bank DPO series anchors Nepal’s ongoing shift to a more sustainable development path. Nepal’s policies supported by the DPO series arose from stakeholder dialogues and Nepal’s own development priority programs and plans. These policies aim to improve air quality, expand hydro-meteorological services to better disaster risk reduction, improve water security by boosting year-round irrigation and safe water supply, strengthen community forest management, and enhance land use planning.

“Nepal continues to put in place a strong policy program that recognizes that resilience is best achieved when sustainability and inclusion are also pursued in an integrated way,” said Stephen Danyo, World Bank Program Leader for Maldives, Nepal, and Sri Lanka and Task Team Leader for the operation. “This is at the heart of Nepal’s approach to sustainability, resilience, and inclusion.”

Nepal’s policy program is set to help the country attract and expand investment in several sectors important for jobs, livelihoods, health, and resilience for millions of citizens. As one part of the solution to the challenges mentioned above, the DPO series supports Nepal to generate durable development impacts.

Fiscal Nepal |

Saturday December 14, 2024, 02:54:34 PM |