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

The third Finance for Growth Development Policy Credit aims to improve the functionality of Nepal's financial sector, promoting private sector-led growth. The initiative will ramp up supervision in Nepal's banking and insurance sectors and foster innovations in financial products within capital, insurance, and disaster risk markets. Additionally, it will promote financial inclusion through digitalization, bolster credit infrastructure, and enhance financial literacy, with a particular ...