WASHINGTON, March 10 (UPI) -- The World Bank has approved a $75.5 million loan to Nepal to support the country's ongoing efforts at improving its financial sector.
The bank said Wednesday that structural reforms in Nepal's financial sector encouraged it to grant the loan.
Nepal is trying to reduce poverty by making sure the poor have access to economic opportunities on par with other citizens, the bank said.
"Our engagement in the financial sector will continue to test the collective will of Nepalis to put the poor and voiceless at the center of reforms to overcome resistance from narrow vested interests," said Ken Ohashi, World Bank country director for Nepal.
Ohashi said the ongoing bank reform process in Nepal has will indirectly help alleviate poverty in the country.
The International Development Association, the World Bank's concessionary lending arm, will also provide a $68.5 million credit and $7 million grant for the reforms.
