As per the agreement, IFC will provide technical assistance to Nepal Rastra Bank for the development of climate finance in Nepal.
What you should know
A Memorandum of Understanding (MoU) on Climate Finance has been signed between Nepal Rastra Bank and the International Finance Corporation (IFC). The MoU was signed today in the presence of Deputy Governor Bam Bahadur Mishra.
The MoU was signed by Dayaram Sharma Pangeni, Executive Director of the Governor's Office, and Gregory Smith, Country Advisory and Economics Manager, IFC South Asia, on behalf of the bank.
As per the agreement, IFC will provide technical assistance to the National Bank for the development of climate finance in Nepal. Under the project, a draft climate finance strategy and its roadmap will be prepared.
It is stated that a framework will also be prepared for the phased implementation of the strategy. Under this, IFC will conduct training and capacity building programs to enhance the capacity of the National Bank and the entire financial sector in the context of formulating and implementing climate finance strategies.
The implementation of the project is expected to help promote the mobilization of financial resources in the field of climate adaptation, addressing climate-related financial risks in Nepal. The project will be operated until September 2028.
At the program, Deputy Governor Mishra said that IFC and the National Bank have been collaborating for the past to strengthen the financial sector of Nepal. He expressed confidence that the new understanding would support the policy development and implementation of climate finance in Nepal.
IFC Manager Smith expected that the partnership with the Nepal Rastra Bank would lead to results-oriented achievements in the strategic development and implementation of climate finance in Nepal.
