Banking News – A high-level bilateral meeting has been held between Finance Minister Dr. Swarnim Wagle and World Bank Group President Ajay Banga. The meeting between Finance Minister Dr. Wagle, who arrived in the US leading a delegation at the invitation of the World Bank President, and President Banga took place in Washington, D.C., USA.

During the meeting, Finance Minister Dr. Wagle held intensive discussions regarding the reconstruction of physical and economic infrastructure damaged by the recent flood in the Bhote Koshi River in Rasuwa, broad economic reforms, and the mobilization of resources equivalent to approximately one billion US dollars for insurance and social protection.

On the occasion, World Bank President Banga expressed sorrow over the damage caused by the flood disaster in Nepal and expressed commitment to provide significant support from the World Bank in the reconstruction sector. Additionally, praising the steps taken by the new government for policy and institutional reforms, he emphasized the need to expand investment in infrastructure and create employment within the country.

President Banga informed that the World Bank would take a new initiative to expand joint investment in Nepal’s priority sectors in coordination with development partners including the Asian Development Bank (ADB) and the International Finance Corporation (IFC). According to David Sislen, World Bank Country Director for Nepal, this is the first direct bilateral meeting between a World Bank President and Nepal’s Finance Minister in the past three decades. World Bank Vice Presidents Johannes Zutt and Junaid Ahmed, among other high-ranking officials, participated in the meeting.