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World Bank to assist 100 US dollars to Nepal for poverty alleviation
Real estate news By People's Daily Online
October 03, 2007
The World Bank (WB) has agreed to provide 100 million U.S. dollars in grant to the Poverty Alleviation Fund (PAF) in order to assist Nepal in its fight against poverty. According to the local media houses' website eKantipur on Tuesday, an agreement to this effect was finalized through a negotiation, held between the representatives of Nepali government, PAF and the WB, which concluded last week. "The agreement will come into effect once the WB board endorses it," said Krishna Hari Baskota, joint secretary at the Ministry of Finance.
He elaborated that the grant has been extended for the next phase of PAF, PAF II, which is to be implemented for the next four years. The PAF officials said that it is the bulkiest amount the WB, the principle donor of the project, has committed to the Fund instituted in 2004 to implement the targeted poverty reduction program set in the Poverty reduction Strategy Paper (PRSP) in the 10th plan.
The fund has been committed for the extension of the poverty reduction drive in additional districts and further strengthening the existing programs. According to PAF, 4,976 community organizations, which formed by local communities to design and implement the project, have signed agreements with PAF for implementing the various poverty reduction programs.
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