The World Bank has agreed on a new two-year lending strategy for Nepal potentially worth 782 million U.S. dollars, local news website THT online reported on Friday.
The meeting of the board of directors of the bank held on Thursday discussed interim assistance strategy saying Nepal's determination to build a robust peace through development and poverty reduction will get strong support from the bank.
Under the interim strategy, the World Bank's private sector lender could potentially commit an additional 15 million to 20 million U.S. dollars annually during the two-year period.
"The Bank's strategy document supports the promotion of consensus and unity to address key elements of the peace process, including the foundations for state building, growth, and improved basic service delivery for Nepal's poor," the World Bank said in a statement.
Given the transitional nature of Nepal's current situation, with a new constitution being drafted and elections expected in 2011, the Bank Group has prepared an Interim Strategy Note covering fiscal years 2010 and 2011, according to the statement.
Source: Xinhua
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