Kathmandu. The Government of Nepal and the World Bank have signed two separate agreements to support Nepal's post-KOVID-19 upliftment initiatives, including urban development and strengthening of the financial sector. The agreement on Nepal Urban Governance Reform and Infrastructure Project and Finance for Economic Growth Development Policy Assistance was signed by Finance Secretary Shishir Kumar Dhungana and Faris Hadad Jarvos, World Bank National Director for Maldives, Nepal and Sri Lanka.

According to a joint press release issued after the signing at the Ministry of Finance today, the Nepal Urban Governance Reform and Infrastructure Project worth US १५ 150 million (approximately Rs. 18 billion) will support 33 municipalities in two strategic urban groups. These include municipalities in the Eastern Terai Region (Provinces No. 1 and 2) and the Western Region (Gandaki Province and Lumbini Province).

The project will, for the first time in Nepal, provide financial support to the strategic infrastructure of the targeted cities based on the priorities of the municipalities under their jurisdiction and the citizens living there. In addition, financial assistance will be provided for small scale labor-intensive public works.