The Board of Executive Directors of the World Bank has formally discussed the new seven-year 'Country Partnership Framework-CPF' prepared for Nepal. The World Bank has set a goal of providing assistance worth about 2.7 billion US dollars to Nepal under the CPF. According to the bank, this aid program is based on the 16th plan of the Nepal government, discussions with stakeholders in all seven provinces, and in-depth analysis and evaluation.
David Sislen, Country Director of the World Bank for Maldives, Nepal and Sri Lanka, said that job creation is not only their main objective, but it is the basis of Nepal's sustainable development. "The new SAPF will focus on cooperation, private sector involvement and investment promotion based on the experience of more than 60 years of partnership with Nepal."
CPF aims to create quality jobs, service access and strengthen physical connectivity and enhance resilience against natural disasters and climate risks, it is mentioned in the release. Under this, the bank has said that policy reform, tourism promotion, digital connectivity and urban development will be given priority for economic growth.
South Asia Regional Director of International Finance Corporation (IFC) Imad N. Fakhouri said that initiatives will be taken to bring about positive changes in the living standards of Nepali people through policy reforms and business environment reforms to promote private sector investment through CPF.
Likewise, the Multilateral Investment Guarantee Agency (MIGA) has also pledged to support private investment attraction through insurance and guarantee instruments to reduce political risk.
