Kathmandu: A concessional loan agreement worth 100 million US dollars (about 13 billion rupees) was signed between the government of Nepal and the World Bank on Monday. According to the World Bank, the purpose of the proposed loan agreement is to help Nepal move towards green, climate-sustainable and inclusive development (GRID). This is the first of three coordinated loan series under GRID.

This agreement was signed on behalf of the Government of Nepal by Ishwari Prasad Aryal, Joint Secretary of the International Economic Cooperation Coordination Division under the Ministry of Finance, and Lada Strelkova, the World Bank's Operations Manager for Maldives, Nepal and Sri Lanka. Strelkova said that through the GRID program, she is supporting the government's priority policy actions in areas such as water, land use, climate, smart agriculture, sustainable forest management, urban waste and pollution.

According to the World Bank, this first phase of operations includes sustainable and productive use of natural capital, more efficient and clean production, consumption and promotion of transportation. This program supports the policy actions adopted by the Government of Nepal for strategic changes under the grid. The program is said to encourage the private sector to green the economy of Nepal and create jobs in areas such as community forestry, agriculture, clean air, and solid waste management.