Finance Minister Swarnim Wagle held a high-level bilateral meeting with World Bank Group President Ajay Banga.
Minister Wagle, who is currently in the United States leading a Nepali delegation at the invitation of the World Bank president, held the meeting with Banga in Washington, DC.
During the meeting, Minister Wagle discussed mobilizing resources worth around US$1 billion for the reconstruction of physical and economic infrastructure damaged by the recent flood in the Bhotekoshi River in Rasuwa, as well as for broad economic reforms, insurance, and social protection.
On the occasion, World Bank President Banga expressed sorrow over the damage caused by the disaster in Nepal and pledged significant World Bank support for reconstruction efforts.
He also praised the steps taken by the new government toward policy and institutional reforms, while emphasizing the need to increase investment in infrastructure and create employment opportunities within the country.
Banga said that the World Bank would launch new initiatives to expand joint investments in Nepal’s priority areas in coordination with development partners, including the Asian Development Bank and the International Finance Corporation.
According to David Sislen, the World Bank’s country director for Nepal, this is the first direct bilateral meeting between a World Bank president and a Nepali finance minister in the past three decades.
Senior World Bank officials, including Vice-presidents Johannes Zutt and Junaid Ahmad, also attended the meeting.
