At the right moment, when Nepal is struggling to cope up with the economic implications of the coronavirus pandemic, the World Bank has come to its rescue.
Issuing a statement on October 29, the World Bank has said that it has approved a credit of NPR 9.36 billion (USD 80 million) for the Rural Enterprise and Economic Development (REED) project.
The project aims to foster market linkages to support the growth of rural enterprises, promote the agriculture sector while creating jobs to accelerate post-pandemic recovery.
The REED project supports Nepal’s ‘Agriculture Development Strategy 2015–2035’ that aims at creating a competitive, sustainable, resilient, and inclusive agricultural sector that promotes economic growth with private sector participation.
As per the statement issued by the World Bank, the project will be implemented in Province 1, Province 2, Bagmati Province, Gandaki Province, Sudur Pashchim Province, and Lumbini that offer opportunities for successful linkage activities of the rural entrepreneurs.
“The project is an opportunity for the public and private sectors to work together in building the ‘Nepal’ brand in the agriculture sector and leverage the country’s global recognition,” said Faris Hadad-Zervos, World Bank Country Director for the 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,” he added.
The project also supports agricultural production through investments in municipal agriculture centers and value chain infrastructures to ensure the availability of farming inputs as recovery actions from COVID-19.
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