IDA to provide $75.5 m for restructuring the financial sector

June 11, 2004
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The International Development Association (IDA) of the World Bank group has agreed to provide US $ 75.5 million to Nepal for a project to

restructure the financial sector.

This aid will support the ongoing government efforts to strengthen the

financial sector, ensure continued macro-economic stability and promote the private sector.

According to a statement issued by the Finance Ministry, the   assistance consists of $68.5m as loan and $7.0m as grant for a period of five years starting from 2004.

The loan is to be repaid within 30 years with a ten year grace period.