World Bank has expressed commitment to provide significant support for the reconstruction efforts of Nepal after the August 26 flash flood.
In a meeting with Nepal’s Foreign Minister Swarnim Wagle, World Bank Group President Ajaya Banga expressed grief over the losses caused by the flood disaster in Nepal and committed that the World Bank would provide significant support for reconstruction efforts, according to Nepali authorities.
Furthermore, praising the steps taken by the new government toward policy and institutional reforms, he emphasized the need to expand infrastructure investment and create domestic employment opportunities.
Wagle held intensive discussions on mobilizing resources worth approximately USD 1 billion for the reconstruction of physical and economic infrastructure recently damaged by the Bhote Koshi River flood in Rasuwa, macro-economic reforms, and insurance and social protection.
President Banga informed that the World Bank would take a new initiative to expand joint investments in Nepal’s priority areas in coordination with development partners, including the Asian Development Bank (ADB) and the International Finance Corporation (IFC).
According to David Sislen, Country Director for Nepal at the World Bank, this is the first direct bilateral meeting between a World Bank President and a Nepali Finance Minister in the past three decades. The meeting was attended by high-ranking officials, including World Bank Vice Presidents Johannes Zutt and Junaid Ahmad.
