The International Development Association (IDA) of the World Bank Group has agreed to provide a concessional loan assistance of USD 65 million (approximately Rs. 6.4 billion) for the implementation of the Higher Education Reform Project in Nepal.
Out of the total concessional loan, USD 60 million will be utilised for the implementation of reforms activities in higher education while remaining USD 5 million will be used for the capacity development and project management, according to the Ministry of Finance.
The five-year project will be implemented by the University Grant Commission, Tribhuvan University and Student Financial Assistance Fund Development Board, as a continuation of the Second Higher Education Project.
The major objectives of the project is to support Nepal’s National Programme for Higher Education Reform and Development by ways of financing reforms in selected institutions for improving quality, relevance and efficiency of higher education.
An agreement to this effect was signed today by Secretary at the Ministry of Finance Suman Prasad Sharma and World Bank Country Manager Takuya Kamata.