ADB Director General reaffirms strong support for Nepal’s development agenda

Kathmandu: The Asian Development Bank Director-General for South Asia, Kenichi Yokoyama has reaffirmed ADB’s strong support to Nepal’s development agenda.

During his visit to Nepal from 16 to 19, he said ADB was committed to supporting Nepal in its green, resilient, and inclusive recovery from the pandemic to achieve high and sustainable economic growth.

According to the Asian Development Bank Director-General, the focus now should be on structural reforms and quality investments in infrastructure and human capital to further stimulate the private sector’s investments, including foreign direct investments.

During his meeting with Finance Minister Janardan Sharma, Yokoyama applauded the government’s efforts to control the spread of COVID-19 pandemic and manage its impact on public health, welfare, and the economy, as well as progress in vaccination programme, with more than 80% of the target population receiving two doses.

He sought the continued leadership of the Ministry to accelerate timely, efficient, and quality implementation of the development programs and reforms. The Director General also met with Minister of Culture, Tourism, and Civil Aviation, Prem Bahadur Ale; Minister of Water Supply, Umakanta Chaudhari; Minister of Urban Development, Ram Kumari Jhankri; Minister of Energy, Water Resources, and Irrigation, Pampha Bhusal; and Minister of Physical Infrastructure and Transport, Renu Kumari Yadav.

He also met with secretaries of these ministries and other senior government officials, project staff, and development partners. He also visited the ADB-supported Kathmandu Valley Wastewater Management Project site. The 137 million dollar project is helping to modernize and expand the wastewater treatment facilities and systems in the Kathmandu Valley.

ADB’s lending to Nepal increased from an annual average of around 300 million dollar during 2015–2017 to about $600 million during 2018–2020. “ADB is aiming to maintain support, at 500–600 million dollar in concessional resources per year in the next the years, helping the government with its vision of a sustainable and more inclusive growth,” he assured.

A concessional loan of 250 million dollar was provided by ADB to the government in May 2020 for its COVID-19 pandemic response that focused on providing budgetary resources for containment and prevention, protection of economically vulnerable groups, and providing relief to small businesses.