Finance Minister Wagle meets World Bank president, seeks $1bn for flood reconstruction

KATHMANDU: Finance Minister Dr Swarnim Wagle met World Bank Group President Ajay Banga in Washington, DC on Monday.

Minister Dr Wagle, who travelled to the United States leading a delegation at the invitation of the World Bank president, discussed reconstruction of physical and economic infrastructure damaged by the catastrophic Bhotekoshi-Trishuli floods, the need for macroeconomic reforms and the mobilisation of about $1 billion for insurance and social protection, his private secretariat said.

Banga expressed grief over the loss of life and damage caused by the disaster in Nepal and pledged the World Bank’s significant support for the reconstruction effort. He welcomed the Nepali government’s policy and institutional reforms and stressed the need to expand investment in infrastructure and create jobs within the country.

The World Bank president said the institution would take initiatives to expand joint investment in Nepal’s priority sectors together with development partners, including the Asian Development Bank and the International Finance Corporation.

David Sislen, World Bank Country Director for Maldives, Nepal, and Sri Lanka, said it was the first direct bilateral meeting between a World Bank president and Nepal’s finance minister in the past three decades.

The meeting was attended by senior World Bank officials, including vice presidents Johanes Zutt and Junaid Kamal Ahmad.

(With inputs from RSS)