Kathmandu, March 20:

An Asian Development Bank (ADB) mission from Philippines, Manila led by Vovon Cuong, credit specialist of the bank, visited Nepal from March 14 to 19 with a view to take stock of the reforms going on in the Agricultural Development Bank Ltd (ADBL).

The reform process in ADBL, with financial assistance from ADB, has entered into the second year of operations and the ADB team at times inspects reforms in the bank. Cuong visited the bank in this connection as a follow-up fact finding mission, says the bank’s sources.

During his stay in Nepal, Cuong is learnt to have met and discussed with senior ADBL and government officials as to the bank’s recent conversion into a limited company, restructuring of the bank, credit management and human resource development. Cuong is learnt to have advised the bank’s management to continue reforms in future as well for which ADB Manila might extend technical assistance further, according to an ADBL official. ADB mission has also given assurance of further support to ADBL in the areas of human resource development, personnel management, computerisation, new product and service development.

In days ahead, ADB has also assured of further technical support o expedite the reform process already initiated in the bank, according to ADBL officials.

After the bank converted into a limited company, there is a direction from the Nepal Rastra Bank (NRB) to make ADBL shares public. The government would keep 65 per cent of the shares while going to the public and issue 30 per cent shares to the public.

Currently, ADBL is operating under the Bank and Financial Ordinance. NRB recently has also given permission to ADBL to operate complete banking, financial including commercial transactions under the guidelines of BAFIO.