Tuesday 16th April 2024
Tuesday 16th April 2024
गृहपृष्ठBusinessWorld Bank approves $80 million in credit to boost agriculture sector, support post-pandemic recovery 

World Bank approves $80 million in credit to boost agriculture sector, support post-pandemic recovery 

KATHMANDU-  The World Bank has approved a credit of $80 million, or nearly Rs 9.4 billion, to implement a project to bolster Nepal’s agriculture sector by strengthening rural market linkages and promoting entrepreneurship while creating jobs to support post-COVID-19 recovery.

Releasing a statement on Thursday, the World Bank said that the Rural Enterprise and Economic Development (REED) Project will promote market linkages to support the growth of rural enterprises, especially those that are women-led. 

According to the statement, a key focus is on productive partnerships that will help add value, create jobs and foster sustainable linkages between small-holder producers and institutional buyers. 

“The project is an opportunity for the government and the private sector to work together in building the ‘Nepal’ brand in the agriculture sector and leverage the country’s global recognition,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “In doing so, the project can stimulate many niche sectors such as coffee, tea, fruit and medicinal products, among others, to help them grow and to support post-COVID-19 recovery.”

 The project focuses on five economic corridors covering Provinces 1, 2, Bagmati, Gandaki, Lumbini and Sudurpaschim that offer opportunities for successful linkage activities of the rural entrepreneurs to be supported by the project, according to the World Bank’s statement. 

The project will also help improve production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of inputs for farming as recovery actions from COVID-19. The project will use labor-intensive Cash for Work mechanism, to the extent possible, in short-term public works.

 The project supports the Government of Nepal’s Agriculture Development Strategy 2015–2035 that aims to create a sustainable, competitive, inclusive and resilient agricultural sector that drives economic growth with private sector participation.

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