Nepal, World Bank Sign Three Agreements Totaling $440 Million
23 January, 2018
The Government of Nepal and the World Bank signed three financing agreements for $440 million in Kathmandu to invest in the country’s post-earthquake housing reconstruction, livestock innovation, and technical education and vocational training on January 21st 2018.Under the first agreement, the World Bank will provide $300 million in additional finance for the Earthquake Housing Reconstruction Project. This will supplement a $200 million credit approved in 2015 in the immediate aftermath of the devastating earthquakes.
The second financing agreement will support a Livestock Sector Innovation Project with a credit of $80 million. The project will support the objectives of the government’s Agriculture Development Strategy and its emphasis on livestock for sustained agriculture and economic growth, poverty reduction, and improving food and nutrition security.
The third agreement will finance a second phase of the Enhanced Vocational Education Training Project with a $60 million credit. Between 450,000 and 500,000 Nepali youth come of working age every year, most of whom will enter either the domestic or the foreign labor market with limited education and skills.
Read more on World Bank's official site: http://www.worldbank.org/en/news/press-release/2018/01/21/nepal-world-bank-sign-three-agreements-totaling-440-million