Kathmandu, April 12

Asian Development Bank Vice-president Wencai Zhang today assured of ADB’s support for the government’s development agenda.

During his meeting with Prime Minister KP Sharma Oli, Zhang, who is on a two-day visit to Nepal, said,“ADB looks forward to expanding its partnership with the government at this crucial stage of Nepal’s history and will fully support Nepal in achieving inclusive and sustainable development.”

Zhang’s visit to Nepal included meetings with Finance Minister Yuba Raj Khatiwada, Finance Secretary Rajan Khanal and other senior officials to discuss ADB operations and future directions of its partnership with Nepal.

During discussions with the prime minister, Zhang lauded Nepal’s initiative to strengthen democracy with the adoption of the new constitution in 2015 and completion of the local, state and federal elections in 2017. He also said the country’s transition to a federal system of governance represented a significant and hard-won achievement of the peace process and offered a unique opportunity to Nepal to bring about economic and social transformation.

“I am highly encouraged by the government’s determination to fulfil the country’s growth,” said Zhang. “ADB will continue to support higher economic growth and job creation by building physical and human capital, investing in energy, urban and transport infrastructure, as well as education and agriculture.”

Zhang mentioned that in partnership with the government, ADB is formulating a new country partnership strategy (CPS) for Nepal covering a five-year (2020–2024) period for ADB Board consideration in 2019. He said the CPS would fully support the government’s key strategic objectives and priorities. ADB’s loan support had increased to $510 million in 2017.

Since joining ADB in 1966, Nepal has received assistance totalling $5.25 billion. The current portfolio consists of 35 projects and programmes amounting to $2.4 billion.  In 2017, ADB also approved eight technical assistance projects amounting to $6.75 million.