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VOL. 27, NO. 22, February 08, 2007 (Magh 25 2064 B.S.)
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WORLD BANK GRANT
Generous Gesture
The World Bank provides its biggest ever grant to Nepal
By A CORRESPONDENT
The World Bank (WB) has agreed to provide a grant assistance of Rs 15.92 billion to Nepal for implementation of four projects.
Susan Goldmark, country director of the WB and Vidyadhar Mallik, secretary at the Ministry of Finance signed an agreement at a function held on Thursday (Jan 31).
"Together the four projects constitute the largest ever grant program the World Bank has offered in a single year," said Praful Patel, vice-president, South Asia Region, the WB, speaking at the signing ceremony. Of the total grant assistance, Rs 6.30 billion has been provided to the Poverty Alleviation Fund, Rs 2.69 billion to the Road Sector Development Project, Rs 3.15 billion to the Irrigation and Water Resources Management Project and Rs 3.78 billion to projects run under Education for All.
The money under the Road Sector Development Project will go for building all-season road accesses in different districts. Patel said this assistance package demonstrates the WB's commitment to ensure social and economic inclusion of the poor, marginalized groups, and less developed regions.
"Through improved schools, roads, irrigation, and income-generating activities, we hope that these projects will help the country step up the delivery of basic services, particularly in areas that have lost over a decade to conflict," he said.
Patel said these new funds should be spent in a timely and efficient manner, and for the purposes it they were intended for. Finance Minister Dr Ram Sharan Mahat urged the officials to speed up implementation of programs giving quick benefits to the people.
