Jan 16, 2017

The International Development Association (IDA) of the World Bank Group has agreed to provide a concessional loan assistance of US $ 65 million (approximately Rs. 6.4 billion) to the Government of Nepal for implementation of Higher Education Reform Project (HERP).

The International Development Association (IDA) of the World Bank Group has agreed to provide a concessional loan assistance of US $ 65 million (approximately Rs. 6.4 billion) to the Government of Nepal for implementation of Higher Education Reform Project (HERP). An agreement to this effect was signed between the Government of Nepal and the World Bank at the Ministry of Finance, Kathmandu, today.

The main objectives of this project is to support Nepal's National Program for Higher Education Reform and Development (NPHERD) by ways of financing reforms in selected institutions for improving quality, relevance and efficiency of higher education. The project will also assist under-privileged students to help improve equitable access to education. The project will use an Investment Project Financing instrument with a results based financing modalities to support implementation of the Government's reform program. Out of total concessional loan, US$ 60 million will be utilized for implementation of reforms activities in higher education while remaining US$ 5 million will be used for capacity development and project management. This project is continuation of the Second Higher Education Project (SHEP) with a view to fully institutionalizing the positive outcomes of the SHEP. The project will be implemented by University Grant Commission (UGC), Tribhuvan University and Student Financial Assistance Fund Development Board (SFAFDB) for the period of 5 years.