ADB vice president applauds Nepal for economic growth

KATHMANDU, FEB 17: 

Asian Development Bank (ADB)’s vice president has commended Nepal for its economic progress in recent times.

“Nepal has realised that it needs to move ahead rapidly to attain the desired level of economic growth and is doing so,” said vice president of the Asian Development Bank (ADB) Xiaoyu Zhao during a meeting with finance minister Barshaman Pun today at the Finance Ministry.

He also assured the finance minister of continued financial assistance from ADB for Nepal’s development. 

Zhao suggested the government to make plans for economic growth and said that ADB was ready to help Nepal in the execution and implementation of the plans. 

Finance Minister Pun also informed him that though the present economic condition of Nepal was moving in a positive direction there still was a need for financial assistance from ADB. 

“We will soon be achieving a double digit growth rate if everything goes according to the recent plan announced by the government to attract internal and foreign investment,” he informed, adding that the government has already formed the Investment Board which will help attract investments for 50 medium to large projects soon. 

Zhao, had also come to Nepal in October 2011 to participate in the energy conference held in the capital and had comprehensive discussions with the prime minister and finance minister regarding ADB’s support for the economic development of Nepal. 

Asian Development Bank’s cumulative lending to Nepal — one of its founding members — has reached $ 2.63 billion, with investment grant projects amounting to $603.25 million and technical assistance of $148.31 million. 

ADB has also been providing assistance support in agriculture and natural resources, education, water supply and other municipal infrastructure and services, transport, information and communication technology, finance, energy, public sector management, climate change, and social protection.

Source: THT