Washington, DC (BBN) – The World Bank (WB) has announced US$130 million financial assistance for Nepal’s ‘Education for All’ project under School Sector Reform Program.

The School Sector Reform Program approved on Wednesday is the main vehicle for the implementation of the Nepal government’s 15-year National Program of Action.

“The World Bank funding will meet a slice of the program’s expenditures over the next five years – both recurrent and development – covering all levels of school education,” a WB press statement said.

The program focuses on the three pillars of access, inclusion and quality.  It is supported by eight other development partners who will also pool their resources, together with the WB, and with government resources.

Besides, five “non-pooling partners” will support the program directly.  The total cost of the five-year program is estimated to be about US$2.6 billion, of which pooled development partners have committed approximately US$500 million, according to the statement.

The project is a blend of credit amounting to $71.50 million and $58.50 million as grant from the International Development Association, the WB’s concessionary lending arm. The credit has 40 years to maturity with a 10-year grace period.

BBN/SS/SI/AD-24September09-2:21 am (BST)