Nepal grants $ 150 million concessional loan to the World Bank – The New Indian Express

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From PTI

KATMANDU: Nepal signed a US $ 150 million concessional loan agreement with the World Bank (WB) on Sunday for post-COVID-19 recovery and development.

Nepal Finance Secretary Sishir Kumar Dungana and World Bank Country Director for Maldives, Nepal and Sri Lanka Faris Hadad-Zervos signed a loan document.

A concessional loan is a debt instrument that negotiates more favorable terms for the borrower than market terms.

Following the signing of the agreement, Dungana said the funds would help Nepal rebuild better and more environmentally friendly, especially given the adverse effects of the pandemic.

“The proposed budget support will be used for infrastructure projects and economic recovery in line with government requirements and priorities,” he said.

“The financial assistance will help accelerate ongoing major development projects, create jobs, accelerate markets and support environmental recovery,” the Finance Ministry said in a statement.

Meanwhile, Nepal reported 1,920 new cases of coronavirus on Sunday, bringing the country to 665,777 cases.

According to health officials, the death toll rose to 9,009, with 34 more dead.

The authorities said that 6,000 swab samples were taken for RT-PCR in the past 24 hours, of which 1,353 were positive.

The virus was detected in 567 people during antigen tests conducted in 3,836 people over the same period.

There are 40,336 active cases of coronavirus infection in the country.

The number of people who recovered from the disease is 584,334 people.

Over the past 24 hours, 3,007 people have recovered from the disease.

The recovery rate from COVID-19 in Nepal is 92.2 percent.

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