Finance Minister Dr. Wagle and World Bank President Banga Hold High-Level Meeting in Washington
Finance Minister Dr. Swarnim Wagle and World Bank Group President Ajay Banga held a bilateral meeting in Washington, D.C. Discussions focused on reconstruction after the Rasuwa Bhote Koshi flood, economic reforms, and mobilizing about 1 billion US dollars. The World Bank committed significant support for reconstruction.
Kathmandu — A high-level bilateral meeting was held between Finance Minister Dr. Swarnim Wagle and World Bank Group President Ajay Banga in Washington, D.C., USA. The meeting took place after Finance Minister Wagle, leading a delegation at the invitation of the World Bank President, arrived in the United States.
During the meeting, Finance Minister Wagle discussed the reconstruction of physical and economic infrastructure damaged by the recent flood in the Bhote Koshi River in Rasuwa, broad economic reforms, and the mobilization of resources equivalent to about 1 billion US dollars for insurance and social protection, according to the Finance Minister's private secretariat.
World Bank President Banga expressed sorrow over the damage caused by the flood disaster in Nepal and committed that the World Bank would provide significant support in the reconstruction sector.
He also praised the steps taken by the new government for policy and institutional reforms and emphasized the need to expand investment in infrastructure and create employment within the country.
President Banga informed that the World Bank would launch a new initiative to expand joint investment in Nepal's priority areas in coordination with development partners including the Asian Development Bank and the International Finance Corporation.