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COVID-19 update | Nepal inks $150-million concessional loan with World Bank

Nepal Finance Secretary Sishir Kumar Dhungana and WB, Country Director, Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos, signed the loan document.

June 27, 2021 / 08:23 PM IST
On May 3, Nepal's COVID-19 cases increased by 7,388 and deaths by 37, the highest spike in 24 hours since the pandemic started. Nepal has recorded a total of 343,418 cases and 3,362 deaths, according to official data. (Image: Reuters)

On May 3, Nepal's COVID-19 cases increased by 7,388 and deaths by 37, the highest spike in 24 hours since the pandemic started. Nepal has recorded a total of 343,418 cases and 3,362 deaths, according to official data. (Image: Reuters)

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

Nepal Finance Secretary Sishir Kumar Dhungana and WB, Country Director, Maldives, Nepal, and Sri Lanka, Faris Hadad-Zervos, signed the loan document. A concessional loan is a debt instrument where more favourable terms are agreed upon for the borrower than the market place.

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After signing the agreement, Dhungana said the funds will help Nepal build back better and greener, especially in view of the adverse effects of the pandemic. "The proposed budgetary support will be utilised in infrastructure projects and economic recovery… according to the requirements and priorities of the government, he said.