Kathmandu. November 18 : World Bank (WB) Vice President for South Asia Region, Hartwig Schafer, has today reiterated the bank’s commitment to support Nepal in its ambitious transition to federalism. According to a press communique issued by the WB, he came up with such statement while concluding his five-day visit to the country.
During his meeting with Prime Minister KP Sharma Oli, Schafer congratulated the government’s visionary goal of reaching middle-income country status by 2030, reaffirmed the World Bank’s commitment to support government priorities, and to help the country raise additional finance from a broader range of sources.
In his meeting with Finance Minister Dr. Yuba Raj Khatiwada, Schafer also discussed further support to the federalism transition, as well as the planned International Investors’ Conference in 2019 in support of Nepal’s agenda to crowd in private finance for development, according to the communique.
The Vice President also had a joint field visit with Minister Dr. Khatiwada and Minister for Energy, Water Resources and Irrigation Barsha Man Pun to discuss the potential of tourism, hydropower and private sector investment in the country. The team visited Solukhumbu District and Sankhuwasabha District before seeing houses being rebuilt after the earthquake in the Majhi settlement of Gaikhura in Manthali Municipality, Ramechhap.
The World Bank has provided a credit of $500 million to the Government of Nepal through the Earthquake Housing Reconstruction Project.
In Kathmandu, Schafer participated in the launch of a joint report of the World Bank Group entitled “ Country Private Sector Diagnostic : Creating Markets in Nepal” He was also part of the signing of two agreements between the Government of Nepal and World Bank. The agreements, totaling US$ 155.7 million, will be invested in the construction and maintenance of safe, resilient and cost-effective bridges in Nepal, and in improving food security of vulnerable households and communities. In his first visit to Nepal as the World Bank Vice President for South Asia, Schafer also met with opinion leaders, senior government officials and civil society representatives. In engaging with the private sector, he visited Saral Urja Nepal, the investee clients of Business Oxygen (BO2), an IFC SME-Venture Fund, and Incessant Rain Animation Studios, a state-of-the-art animation and visual effects studio.
