ADB will continue to support Nepal | Page 3 | Sunday Observer

ADB will continue to support Nepal

1 December, 2019

The Asian Development Bank (ADB) is working towards capacity building, upscaling infrastructure facilities and economic cooperation with a view to regional economic development while also having an outward approach to reach inclusive growth.

To this end, the ADB is supporting the Government of Nepal in it’s efforts to build infrastructure, develop human capital and transform agriculture. In the development program for Nepal, the ADB also emphasises institutional capacity building, gender equality and social inclusion and mitigating the effects of climate change.

“We are focused on collaborating in developing clean energy, solar power, infrastructure development and improvement of human resource quality. We consider Nepal to be a beneficiary where the country is moving towards political stability and sustainable development, Country Director, ADB Nepal Resident Mission, Lazimpat, Mukhtor Khamudkhanov said.

“With the likelihood of greater political stability over the next five years, the Nepal government has its focus on accelerated economic development. For this, it has involved the private sector in a big way to achieve the planned upward movement of the economy. However, the immediate concerns are the lack of infrastructure facilities and proper regulatory mechanisms,” he said, while addressing the media personnel who participated at the South Asia Regional Media Capacity Building Tour on Disaster Risk Management and Regional Tourism in Nepal last week.

“We consider political stability to be the key in propelling growth and overall development of a country. The ADB supports Nepal’s sector reforms and capacity building both at federal and sub-national level. It advocates improved equitable access to service, in the areas including education, health, water supply and agriculture. It has a key focus on climate change, environment sustainability and resilience to improve the quality of life for the people in general,” he said.

The ADB’s updated country partnership strategy for Nepal considers development challenges in a federal system, the strategic objectives and priorities of the government, the activities of other development partners in the country and the best use of the Bank’s resources.

Nepal has made notable economic and social progress in recent years. This includes the increase in literacy rate, decline in poverty rate and gender disparities being narrowed. Nepal aims to achieve the UN Sustainable Development Goals by 2030, but poverty is still high in rural areas and among socially disadvantaged groups.

The ADB has been a long term development partner of Nepal since 1966, providing funds totalling US $ 5.8 billion and technical assistance to the value of $ 0.2 billion. The current ADB portfolio consists of 36 projects amounting to $ 2.8 billion and 18 technical assistance projects worth $ 26.34 million. In 2018, ADB committed five projects for Nepal, with loans and grants totalling $ 592 million and technical assistance of $ 8.01 million.

The ADB will continue to work with Nepal to build sound institutional capacities for sector planning, high project readiness, effective implementation and sustainable asset management to take the country forward, he said