NEPAL > World Bank and the Government of Nepal signed three financing agreements for $440 million to invest in the country’s post-earthquake housing reconstruction, livestock innovation, and technical education and vocational training

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For the country’s post-earthquake housing reconstruction, livestock innovation, technical education and vocational training, the Government of Nepal and the World Bank have singed three financing agreements for $440 million.

According to World Bank Country Director for Bangladesh, Nepal and Bhutan, Qimiao Fan:
“These three agreements are important for Nepal because they boost job creation, including for many women, by investing more money in the country’s successful post-earthquake housing reconstruction as well as providing resources for the livestock sector and for youth skills training.”

The World Bank is set to provide $300 million as an additional finance for the Earthquake Housing Reconstruction Project and will supplement a $200 million credit approved in 2015 immediately after the devastating earthquakes. The total number of eligible and enrolled beneficiaries has increased to 650000 households and the government has also increased the housing grant to NPR 300000($3000) per household from the earlier NPR 200000 ($2000) to reflect the increased construction cost. The revision has widened the government’s housing reconstruction program to over $1.2 billion and the additional finance will help the government meet a slice of the gap.

For supporting a Livestock Sector Innovation Project, a second financing agreement with a credit of $80 million has also been signed. Supporting the objectives of the government’s Agriculture Development Strategy and its emphasis on livestock for sustained agriculture and economic growth, poverty reduction, and improving food and nutrition security, this project will directly benefit nearly 200,000 livestock producers across 271 Municipalities. In addition nearly 45% of the primary beneficiaries will be women and about 500 small to medium- sized agro-enterprises will benefit from production and post-production value chains.

For financing of the second phase of the Enhanced Vocational Education and Training Project, a third agreement has also been signed with a $60 million credit.

Technical Education and Vocational Training, or TEVT, is an intermediary between youth and the labor market by training the youth with pre- employment skills as 450,000 and 500,000 Nepali youth become of working age every year. These youths either enter the domestic or the foreign labor market with limited skills and education. Therefore it is important to access to market relevant programs and strengthen the delivery of TEVT, an organization which provides the youth such relevant skills.

About World Bank

With an ambitious goal, to end extreme poverty within a generation and boost shared prosperity, World Bank is aiming to decrease the percentage of people living with less than $1.90 a day to no more than 3 percent by 2030. Headquartered in Washington D.C, U.S, World Bank approximately employs 10000 employees in more than 120 offices worldwide.