KATHMANDU: The World Bank has agreed to provide concessional loans worth about 16 billion rupees (120 million US dollars) and grants worth 3.5 billion (19.7 million US dollars) to Nepal.

The agreement regarding the aid to be spent in the education sector was signed on Wednesday.

Concessional loans will be available from the International Development Association. The grant will be received from the Global Partnership for Education under the School Sector Reform Program.

The agreement was signed by Finance Secretary Arjun Prasad Pokhrel and World Bank Country Director for Maldives, Nepal, and Sri Lanka Faris H. Hadad Zervos.