Nepal | April 21, 2019

High-level World Bank Group delegation heads for investment summit

Himalayan News Service

Kathmandu, March 28

The chief executive officer of the Multilateral Investment Guarantee Agency (MIGA) and two World Bank Group vice presidents will join development banks, ambassadors, and hundreds of investors from more than 40 countries at the Nepal Investment Summit on March 29 and 30. The summit aims to help attract private financing for key infrastructure projects as Nepal undertakes new regulatory reforms.

The top three bank officials are Keiko Honda, executive vice president and CEO of MIGA, Hartwig Schafer, vice president of the World Bank’s South Asia region, and Hans Peter Lankes, vice president, Economics and Private Sector Development, International Finance Corporation (IFC).

The three World Bank Group representatives will discuss the bank’s support for Nepal with Prime Minister K P Sharma Oli and Finance Minister Yubaraj Khatiwada.

“Nepal has been a rising star in South Asia with foreign direct investment flows reaching a record high in 2017, and likely to remain an important investment destination in the region. This confirms Nepal’s efforts to improve its investment climate and become a competitive investment destination for multinational companies that want to have an impact,” said Honda. “We stand ready to work with investors and the government to make Nepal a hub for investment in infrastructure that improves lives, leads to sustainable growth and delivers opportunity for its citizens.”

South Asia VP Schafer said, “With 25 projects approaching $3 billion in financing, we are here for the long haul and will continue to support infrastructure development, policy reforms, skills development, and anything required. There is a clear acceptance by Nepal authorities that the country’s prosperity will rely on crowding in the investment from around the world. Not only financial resources, but also technical and managerial know-how, will be critical to realise Nepal’s vast potential.”

IFC VP Lankes mentioned, “IFC has played a role in creating markets and supporting investments for 60 years. In Nepal, we are looking to scale up significantly our investments in strategic sectors such as hydropower, agribusiness, tourism, and financial inclusion. We are encouraged by the government’s efforts to improve the enabling environment and IFC plans to increase its cumulative investment portfolio to around $1 billion over the next four years.”

Schafer will speak at the summit’s inaugural session on Friday. Lankes and Honda will deliver special addresses at Saturday’s sessions on international experience-sharing and financing infrastructure, respectively.


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