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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