World Bank Approves $52 Million Concessional Loan for Nepal's Air Quality Improvement

Kathmandu. The World Bank is set to provide Nepal with a concessional loan of $52 million. The World Bank's board meeting approved a concessional loan equivalent to $52 million USD (approximately NPR 6.90 billion) to mitigate air pollution and strengthen the air quality management system in Nepal.

‘Nepal Clean Air and Prosperity Project’, as this program is named, specifically aims to reduce the emission of harmful fine particles from boilers and furnaces used in industrial and commercial sectors. The World Bank informed that this project will primarily focus on the Kathmandu Valley, the Terai region, and the foothills of the mountains, where the risk of air pollution is high.

According to the World Bank, air pollution in Nepal accounts for more than 6 percent of the Gross Domestic Product due to losses in healthcare and productivity. This project will help reduce that economic burden. Concessional loans and technical assistance will be provided to industries, which will reduce their operating costs and increase their competitiveness.

David Sisslen, the World Bank's Division Director for Maldives, Nepal, and Sri Lanka, stated that this project will encourage Nepali industries to move towards cleaner production, contributing to long-term sustainable development.

In a statement issued by the World Bank, David Sisslen, Division Director for Maldives, Nepal, and Sri Lanka, said, ‘Industrial emissions are projected to be a major source of air pollution in the coming years. This project will encourage Nepali industries to move towards cleaner production, contributing to long-term sustainable development.’ He further informed that this project is part of the World Bank's regional air quality management program, ‘Indo-Gangetic Plains and Himalayan Foothills.’ -News Agency Nepal