Nepal and World Bank Explore a Catastrophe Bond for Fast Earthquake Payouts
The two signed a mandate agreement to assess the feasibility of a bond that would let the Himalayan nation access funding quickly after a major earthquake.
Oct 15 (Reuters) - Nepal and the World Bank have signed a mandate agreement to explore the development of a catastrophe bond that could help the Himalayan nation access funding quickly in case of a major earthquake, the World Bank said on Thursday.
"Under the agreement, the World Bank Group Treasury will work with the Government of Nepal and market participants to assess the feasibility and potential structure of such a transaction," the World Bank said in a statement.
(Reporting by Mrinmay Dey in Mexico City; Editing by Christopher Cushing)
