India, May 7 -- WASHINGTON -The World Bank's Board of Executive Directors today approved an $80 million development policy credit for Nepal to strengthen the stability of the financial sector, diversify financial solutions, and increase access to financial services.

The third Finance for Growth Development Policy Credit aims to improve the functioning of the financial sector to support private sector-led growth. The operation will strengthen the supervision of the banking and insurance sectors in Nepal and foster financial product innovations in capital, insurance, and disaster risk markets. The operation will also increase financial inclusion through digitalization, enhanced credit infrastructure and improved financial literacy, with a ...