Kathmandu, March 30

Asian Development Bank (ADB) Vice President Shixin Chen on a visit to Nepal on March 26–30 reaffirmed the bank’s commitment to supporting economic prosperity and assisting country in fulfilling its growth aspirations.

“In our 50-year partnership, we have mobilised about $6 billion to help build infrastructure and services and improve the lives of the people of Nepal,” Chen said at the Nepal Investment Summit. “ADB’s operations in Nepal have continued to grow over the years and we will continue to support Nepal as it aims for accelerated economic growth.”

During his visit, Chen met with Prime Minister KP Sharma Oli and reiterated ADB’s support for the government’s development agenda while expressing confidence in the country’s economic prospects. He also met with Minister of Finance and ADB Governor Yubaraj Khatiwada, and Minister for Energy, Water Resources, and Irrigation Barsha Man Pun.

Chen, in his remarks at the summit, also noted that the government’s campaign of ‘Prosperous Nepal, Happy Nepali’ rightly captures people’s aspirations for accelerating economic development in country and summit comes against the backdrop of political stability and improvements in the economy. He underscored the government’s recent efforts to introduce economic reforms and to extend economic cooperation in the region. “Nepal is at the cusp of transformation and can now capitalise on improvements in economy and address remaining challenges in attracting investment,” he said.

He noted that ADB’s country partnership strategy for Nepal covering the five-year period, 2020–2024, is being prepared and will reflect the government’s development priorities for sustainable and inclusive growth.

During his five-day visit, Chen visited ADB-supported project sites, including the South Asia Tourism Infrastructure Development Project in Lumbini and Gautam Buddha International Airport in Bhairahawa, and Sanjivani School in Dhulikhel under the Earthquake Emergency Assistance Project. The latter project is helping to rebuild schools, government buildings, and roads damaged by the devastating earthquake of 2015.

ADB’s active portfolio consists of 36 projects worth $2.8 billion and 18 technical assistance projects worth $26.4 million. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants worth $21.6 billion.