English News
Global Economy to Expand by 4% in 2021 : World Bank
Sunakhari News / Kathmandu - The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. A recovery, however, will likely be subdued, unless policy makers move decisively to tame the pandemic and implement investment-enhancing reforms, the World Bank says in its January 2021 Global Economic Prospects. Although the global economy is growing again after a 4.3% contraction in 2020, the pandemic has caused a h....
Government of Nepal and World Bank sign $80 Million for Rural Enterprise and Economic Development
Sunakhari News / Kathmandu -The Government of Nepal and the World Bank signed a $80 million (around NPR 9.3 billion) million project today to bolster Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery. The Rural Enterprise and Economic Development Project (REED) project was signed by Finance Secretary Mr. Sishir Kumar Dhungana on behalf of the Government of Nepal, and the World Bank Country Dire....
Government of Nepal and World Bank signfinancing agreements of $350 million to boost economic recovery
Sunakhari News/ Kathmandu- The Government of Nepal and the World Bank signed two separate agreements today that will help strengthen urban governance and the financial sector in Nepal in support of the country’s COVID-19 resilience and recovery efforts. The agreements for the Nepal Urban Governance and Infrastructure Project and the Finance for Growth Development Policy Credit were signed by Finance Secretary Mr. Sishir Kumar Dhungana on behalf of the Government of Nepal, and ....
World Bank approves $80 Million Rural Enterprise and Economic Development Project toboostNepal’s agriculture sector and support post-pandemic recovery
Sunakhari News Kathmandu - The World Bank approved a $80 million project todayto bolster Nepal’sagriculture sector bystrengthening rural market linkages and promoting entrepreneurship whilecreating jobs to support post-COVID-19 recovery. The Rural Enterprise and Economic Development (REED) Project will promote market linkagesto support the growth ofrural enterprises, especially those that are women-led. A key focus is on productive partnerships that will help add value, create jobs and fost....
COVID-19 impact on Nepal’s economy hits hardest informal sector
SunakhariNews/ Kathmandu - 2020—Nepal’s economy is projected to grow by only 0.6 percent in 2021, inching up from an estimated 0.2 percent in 2020 as lockdowns caused by COVID-19 disrupt economic activity, especially tourism, says the World Bank’s latest South Asia Economic Focus. Released today, the twice-a-year-regional update notes that South Asia is set to plunge this year into its worst-ever recession as the devastating impacts of the pandemic on the region’s economies ....
World Bank’s $150 Million Urban Governance and Infrastructure Project to support Federalism and Improved Service Delivery in Nepal’s Secondary Cities
WASHINGTON - The World Bank approved today a $150 million project to help Nepal strengthen service delivery and institutional capacities in strategic secondary cities, and to support the post-COVID-19 economic recovery. The project is unique in that it puts the municipalities in front and center in project implementation, in full alignment with federalism principles enshrined in the 2015 Constitution of Nepal. “In the context of rapid urbanization, federalism and COVID-19, providi....
A renewed political commitment to regional cooperation must be a priority for South Asia
SunakhariNews/ Kathmandu - While the COVID-19 pandemic has exacerbated powerful trends towards de-globalization, looking inwards by abandoning regional cooperation is not a solution for the South Asian countries and an improved connectivity and cooperation through renewed political commitment to regional and sub-regional initiatives can benefit the region and engender the much needed reforms in multilateralism and globalization, according to the experts in a virtual meeting organized by Sou....
Survey Reveals Extent of the Fallout from the Pandemic on Micro, Small and Medium Enterprises in Nepal
Sunakhari News/ Kathmandu - The COVID-19 pandemic has spurred more Nepali businesses to start using internet, social media or digital platforms to seize business opportunities, in the wake of declining traditional sales. The finding is revealed in the COVID-19 Nepal Business Pulse Survey carried out between May 25 and June 10 by the IFC and World Bank, in partnership with the government of Japan. It shows a fifth of businesses surveyed have started to use or have been using the Internet, soci....
New IFC report urges companies to take action to boost women’s contribution in the hydropower sector
SunakhariNews/Kathmandu - Companies and women in Nepal would stand to benefit if greater action was taken to improve women’s participation and contribution in the hydropower sector. That’s a key finding of a new study by IFC, a member of the World Bank Group, which calls for companies to adopt gender sensitive policies and practices to attract more women into working in the hydropower sector – a key national priority. “Women make up more than half of Nepal’s population, yet the s....
World Bank’s $200 million support to strengthen Nepal’s financial sector to spur COVID-19 resilience and recovery
Sunakhari News/ WASHINGTON - The World Bank approved today a $200 million “Finance for Growth” development policy credit to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal’s COVID-19 resilience and recovery efforts. “In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” stated Faris Hadad-Zervos, World Bank Country ....