Wednesday, July 31, 2013

World Bank provides Rs 2.9 billion credit assistance for financial sector reform programme

The International Development Association (IDA) – of the World Bank – has agreed to provide Rs. 2.90 billion credit assistance to the government.
Finance secretary Shanta Raj Subedi and World Bank country manager for Nepal Tahseen Sayed signed the agreement at the Finance Ministry here today.
Tahseen, on the occasion, appraised Nepal Rastra Bank (NRB) for reform of financial sector and lauded government’s role in maintaining financial discipline as well as establishment of Department of Money Laundering according to the country’s international commitment.
The loan assistance is to avail budgetary support to the government to help to carry financial sector development reform programmes that was started in mid-2011.
The central bank has initiated financial inclusion and financial literacy programme in consultation and cooperation with stakeholders under the programme.
Likewise, the restructuring of two major state-controlled banks – Nepal Bank Ltd (NBL) and Rastriya Banijya Bank (RBB) – has also been the major component of the reform programme.

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