“In this era of COVID-19, protecting people’s lives is the priority, but giving a boost to economic recovery is equally urgent,” stated Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “This project and World Bank support will pave the way for the financial sector and capital and insurance markets to strengthen resilience and more effectively contribute to Nepal’s COVID-19 recovery.”
The “Finance for Growth” operation will supportenhanced supervision of risks confronting the banking and financial institutions, especially in the context of the pandemic’simpacts.The operation will also help build capital, insurance, venture capital and private equity and disaster risk financing markets through regulatory reforms. This will help open new investment opportunities for market actorsand crowd-in private financing.
The other critical area of focus is to expand access to finance for households, women and firms throughregulatory and other reforms that will attract additional inflows of international financeand mobilize digital services, credit infrastructure and literacy programs.
