KATHMANDU: The World Bank has approved a $100 million Development Policy Credit (DPC) to continue support to Nepal in improving the financial viability and governance of the electricity sector and recovering from the COVID-19 crisis.
In a statement issued Wednesday, the WB states the Development Policy Credit (DPC) prioritises to reform the country’s electricity sector which has been doing well recently.
However, the electricity sector of Nepal too is no exception to the impact brought upon by the global health crisis, as it led to discontinuation of on going construction work, as demand and usage plummeted.
“Continued reforms to strengthen the electricity sector in Nepal is of utmost importance during the crisis and for post-crisis recovery,” Faris Hadad-Zervos, World Bank Country Manager for Nepal is quoted in the press statement.
“This operation will help refocus investment priorities and support the government’s commitment to develop a reliable, affordable, and sustainable electricity sector that supports poverty reduction and shared prosperity in the country.”