World Bank to continue to aid

Managing Director of World Bank (WB) Dr Ngozi Okonjo-Iweala met Prime Minister Pushpa Kamal Dahal 'Prachanda' at the latter's official residence in Baluwatar today.
On the occasion, she assured the PM of WB's continued support to Nepal in education, health and infrastructure development sectors. Dr Okonjo-Iweala conveyed the bank's commitment to support Nepal during its transition, specifically with programmes designed to help unleash the private sector's potential, generate youth employment as well as broadly-owned development programs focused on practical results.
They also discussed how to check the impact of global recession on Nepal, said Dr Okonjo-Iweala. Impressed with the Maoist supremo, she said she was hopeful of and early end to the country's transition.
The prime minister informed her that Nepal expects huge foreign investment. He also spoke about the Investment Board and Special Economic Zones (SEZs). Welcoming World Bank's continued partnerships in Nepal's development agenda during the delicate transition, the PM said, "The government has been expecting WB's investment in infrastructure and hydropower development sectors." Dr Okonjo-Iweala returned after concluding her three-day long official visit to Nepal.
She called on the PM, Finance Minister Dr Baburam Bhattarai and other senior government officials. During her meeting with Dr Bhattarai, Dr Okonjo-Iweala commended the government's efforts to prepare a National Development Strategy. She encouraged the government to implement investment-friendly policies that would support Nepal's agenda of economic growth and job creation as well as address governance issues that continue to impede implementation of the budget's development goals. The finance minister also thanked World Bank for its continued assistance.
During her stay she visited World Bank-assisted projects in Baglung and Palpa districts in western Nepal and a cantonment site in Nawalparasi district.
Nepal joined the World Bank in 1961 and acquired its first development credit in 1969. Since then, the bank has provided assistance of nearly $1.79 billion. Another $843 million package is currently available from World Bank to Nepal for the implementation of 17 ongoing projects. The International Finance Corporation, the World Bank's private sector lending arm, currently has investments of $38 million in seven projects.