WASHINGTON : The World Bank\u2019s Board of Executive Directors today approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.<\/p>\n
The third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth. The operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a focus on women entrepreneurs.<\/p>\n
\u201cThis project supports Nepal\u2019s green, resilient, and inclusive development and will help create an enabling environment for private investment to contribute to Nepal\u2019s economic growth, particularly benefiting the poor and vulnerable,\u201d said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka. <\/p>\n
The operation also supports Nepal’s climate agenda by, for example, enhancing supervision of climate risks by requiring disclosures of climate-related risks and impacts of the banking sector portfolio; introducing risk-informed pricing for insurance products, including climate risks; establishing a framework for the issuance of green bonds; and integrating climate-related mitigation and adaptation commitments into credit guarantee products.<\/p>\n
\u201cThis operation supports the government\u2019s transformative financial sector reform agenda to promote private sector-led growth. The reforms in banking, insurance, and capital markets are instrumental for the sector\u2019s resilience and the critical role it plays to enable private capital mobilization,\u201d stated Tatsiana Kliatskova, World Bank task team leader for the project.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON : The World Bank\u2019s Board of Executive Directors today approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.
\nThe third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth. The operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion …<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,1838,1827,490,3,2065],"tags":[2102,1441],"class_list":["post-13259","post","type-post","status-publish","format-standard","hentry","category-current-issue","category-development","category-diplomacy","category-slider","category-society","category-top-stories","tag-development-policy","tag-the-world-bank"],"acf":[],"_links":{"self":[{"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/posts\/13259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/comments?post=13259"}],"version-history":[{"count":1,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/posts\/13259\/revisions"}],"predecessor-version":[{"id":13261,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/posts\/13259\/revisions\/13261"}],"wp:attachment":[{"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/media?parent=13259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/categories?post=13259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pahichan.com\/en\/wp-json\/wp\/v2\/tags?post=13259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}