The Government of Nepal is receiving US$ 75 million (approximately Rs 5.36 billion) for the implementation of two projects – the Enhanced Vocational Education and Training Project and the Urban Governance and Development Program: Emerging Towns Project.
Thursday, the World Bank (WB) has agreed to grant and loan assistance of such huge amount. Finance Secretary, Krishna Hari Baskota and World Bank Country Director for Nepal, Susan G Goldmark, signed two separate financing agreements at the Ministry of Finance, Kathmandu.
• A total of 50 million US Dollars (20.25 million Dollars in grant and 29.75 million Dollars in loan) for the Enhanced Vocational Education and Training Project and
• A total of US dollars 25 million (11.25 million US Dollars in grant and 13.75 million US dollars in loan) for the Urban Governance and Development Programme.
According to WB, loan carries a 0.75% service charge, a 10 year grace period and a maturity of 40 years.
The statement of WB reads the Enhanced Vocational Education and Training (EVENT) project will help improve access to Technical Education and Vocational Training (TEVT) programmes for disadvantaged youth.
About 75,000 Nepali youth are expected to benefited this project and will have access to short-term skills training, technical education, and opportunities for certifying their existing skills, paying special attention to lagging regions, poor youth, women, and youth belonging to Dalit, Janajati and other marginalized communities, as well as persons with disability. This project will remain until October 2015.
Similarly, the Urban Governance and Development Program: Emerging Towns Project is expected to improve delivery and sustainable provisions of basic services and priority infrastructure in six municipalities- Dhankuta, Mechinagar, Itahari, Lekhnath, Baglung and Tansen. WB further added, the project will also support three key central agencies – the Ministry of Local Development, the Town Development Fund and the Department of Urban Development and Building Construction. Additional municipalities may be added at a later stage with the expansion of the project.