January 21, 2018: Agreement with the World Bank
The World Bank (WB) has agreed to provide a sum total of US$ 440 million (approximately NRs 44.82 billion) Concessional loan assistance for the implementation of Enhanced Vocational Education and Training Project II (EVENT -II), Livestock Sector Innovation Project (LSIP) and Earthquake Housing Reconstruction Project (EHRP). Agreements to this effect were signed and exchanged at the Ministry of Finance, Kathmandu, today. The assistance will be utilized through on budget mechanism.
First, among all three agreements, is Enhanced Vocational Education and Training II (EVENT -II) which is of 60 million US Dollar. This is the second phase of the program related to education sector. The objectives of the EVENT-II are to improve equitable access to the market relevant training programs and to strengthen the Technical and Vocational Education and Training (TVET) sector service delivery in Nepal. It has been designed to support the TVET sector in Nepal at different levels- the system, the institution, and the individual. The Ministry of Education is the implementing agency of the project. The project's direct beneficiaries are Nepali Youth in the age group 16-40 years, technical schools and their leaders, instructors, assessors, students, short term training providers and employers.
Secondly, next agreement is Livestock Sector Innovation Project (LSIP) which is of 80 million US Dollar. The objectives of the project are to increase productivity, enhance value addition, and improve climate resilience of smallholder farms and agro-enterprises in the Selected Livestock Value-chains in Nepal. The project will be implemented in 25 various districts of Nepal. The expected outcomes of the project are: increased and resilient livestock productivity; better focused policy, regulatory and institutional environment for livestock producers and agro entrepreneurs; increased availability and access of modern marketing facilities; technical and advisory services and increased value addition. Accelerated growth in the livestock sector, poverty reduction and employment creation in Nepal is the expected impact of this project. The Ministry of Livestock Development will be the implementing agency of the project.
Thirdly, the World Bank has also agreed to provide an additional financing of 300 million US Dollar (approximately NRs 30.39 billion) to the Government of Nepal for the implementation of Earthquake Housing Reconstruction Project (EHRP). The Government of Nepal has been executing EHRP since 14 August, 2015 with credit amount 200 million US Dollar. This Additional Financing of 300 million US Dollar is amendment of previous credit. In addition, this loan will be utilized for reconstruction of 96000 earthquake affected private house of Nuwakot, Dhading and Dolakha Districts. The Project will be carried out through National Reconstruction Authority (NRA), Ministry of Federal Affairs and Local Development (MOFALD) and Ministry of Urban Development (MOUD) as previous EHRP project.
The agreements were signed by Mr. Shankar Prasad Adhikari, Secretary, Ministry of Finance and Mr. Qimiao Fan, Country Director, World Bank, Nepal Country Office on behalf of Government of Nepal and the Bank respectively.
The Government of Nepal has expressed its sincere appreciation to the World Bank for this assistance and its continued support in the socio-economic development of Nepal.
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