KATHMANDU: Nepal Rastra Bank (NRB) and the International Finance Corporation (IFC) have signed a memorandum of understanding (MoU) to promote climate finance in Nepal. The signing ceremony was held on Monday at NRB in the presence of Deputy Governor Bam Bahadur Mishra.
The MoU was signed by Dayaram Sharma Pangeni, Executive Director at the Governor’s Office, on behalf of NRB, and Gregory Smith, Country Advisory and Economics Manager for IFC South Asia.
Under the agreement, IFC will provide technical assistance to NRB to develop climate finance initiatives in Nepal. The project will include drafting a climate finance strategy and roadmap, as well as designing an implementation framework in phases. IFC will also conduct training and capacity-building programs to strengthen NRB’s and the overall financial sector’s ability to implement the strategy.
The project aims to address climate-related financial risks and promote financial resource mobilization for climate adaptation initiatives in Nepal. It is expected to run until September 2028.
Speaking at the program, Deputy Governor Mishra highlighted the longstanding collaboration between NRB and IFC, emphasizing that the new MoU will support policy development and the implementation of climate finance initiatives in Nepal. IFC Manager Gregory Smith expressed optimism that the partnership would achieve impactful results in the strategic development and implementation of climate finance in the country.
The event was attended by senior officials, including Ramu Paudel and Govinda Prasad Nagila from the Bank and Financial Institution Regulation Department, Suman Neupane from the Governor’s Office, and IFC Resident Representative Rathnija Arandera.
Comment