| WASHINGTON, March 10, 2004—The following project was approved yesterday by the World Bank’s Board:
CREDIT AMOUNT: IDA - US$ 68.5 Million
TERMS: Grace period = 10 years; Maturity = 40 years
GRANT AMOUNT: IDA - US$ 7 Million
TOTAL CREDIT AND GRANT AMOUNT: US$ 75.5 Million
PROJECT DESCRIPTION: The project aims to support Nepal's ongoing efforts at improving its financial sector. A healthier financial sector is one of the key structural reforms that Nepal has been pursuing to reduce poverty by stimulating more equitable and inclusive growth for all its citizens. The Financial Sector Restructuring Project is a follow-on to the Financial Sector Technical Assistance credit, approved by the World Bank in 2002 in an attempt to address the critical situation of the banking system in the country. For more information, please call Karina Manasseh at (202) 473-1729 or e-mail: kmanasseh@worldbank.org. For project information documents, please visit:http://web.worldbank.org/external/projects/mainP084219
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