In a bid to improve quality of higher education in the country, the Nepali Government has signed USD 60 million (NPR 7.12 billion) loan agreement with the World Bank.
The concession loan to be provided by the international bank will help the Nepali Government to accelerate The Nurturing Excellence in Higher Education Program.
The Program aims at enhancing the quality of higher education, improving online learning, and expanding access to quality education for underprivileged and vulnerable students.
It is also intended to align the higher education sector with labor market needs, boost collaborative research and entrepreneurship.
The financing agreement was signed at the Finance Ministry, Kathmandu. Finance Secretary Madhu Kumar Marasini and World Bank’s Country Director Faris Hadad-Zervos signed the agreement.
“Investing in human capital was a key priority of the government to help young people realize their development potential,” said Finance Secretary Madhu.
“This project supports the government’s focus on recovery from the COVID-19 pandemic by strengthening the higher education sector and ensuring students all across Nepal including those from disadvantaged groups have access to quality education amid the pandemic’s challenges,” he added.
Likewise, WB Country Director Zervos said, “An important aspect of Nepal’s recovery efforts from the pandemic is to ensure that quality higher education was accessible, inclusive, and relevant to the demands of the labor market.”
“This is key to helping Nepal build back better and strengthen its resilience,” he added.
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