Business Daily from THE HINDU group of publications
Saturday, August 22, 2009
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Business Daily from THE HINDU group of publications Saturday, August 22, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1310 hrs (IST)
Global News / Markets World Bank to provide $109.2 m assistance to Nepal KATHMANDU: The World Bank on Saturday signed two agreements with Nepal pledging a financial assistance of $109.2 million to Kathmandu for development works in the energy and agriculture sectors in the country. Nepalese Finance Secretary Mr Rameshor Khanal and World Bank Country Director for Nepal Ms Susan Goldmark inked two separate agreements to this effect here, officials said. Under the first deal, the World Bank will provide $89.2 million to finance Power Development Project to help Nepal implement its Energy Crisis Management Action Plan. Under the second agreement, the Bank will provide $20 million for the implementation of the Project for Agriculture Commercialisation and Trade. The project will help to improve the competitiveness of small farmers and agriculture based business in 25 districts across Nepal. The additional financing includes funding the rehabilitation of the Kali Gandaki 'A' Hydro Electric Plant (HEP) as well as of two existing thermal plants in Duhabi and Hetauda in south Nepal. The World Bank's assistance will help Nepal minimise global economic impacts and hardships in the short term as well as to implement medium to long term development plans. - PTI
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