IFC reaffirms confidence in Nepal's sustainable growth

Rachel Kyte, vice president for Business Advisory Services of IFC -- a member of the World Bank Group -- has reaffirmed IFC’s commitment to promoting private sector developmentin Nepal and working more with both the public and private sectors to spur economic growth.

"IFC is confident that Nepal can further its sustainable economic growth by building infrastructure and developing sustainable tourism, which will promote small and medium enterprises and help create vibrant domestic markets," she said during het visit to Nepal. Kyte is visiting South Asia.

IFC is committed to working with firms that serve the base of the pyramid with innovative products and financial services. It is one important way for the private sector to contribute to more inclusive and sustainable economic growth.

"IFC has been offering its services to Nepal since the 1970s, both as a financier in developing and implementing private sector projects and as an advisor to small and medium enterprises (SMEs) to improve their ability to access finance and markets and operate more efficiently," Kyte said, adding that IFC's past work in Nepal has included investments in hydropower and the financial sector.

"We are now working closely with the government and private sector to facilitate reforms and create appropriate conditions for promoting growth, particularly among the country’s small and medium businesses,” said Tom Davenport, newly appointed IFC director for South Asia.

While sharing IFC’s experience in working across developing, post-conflict, and fragile economies worldwide, Davenport stressed IFC’s strategic focus on promoting inclusive growth, addressing climate change impacts, and facilitating global integration through enhanced trade in South Asia.

He also emphasised IFC’s ability to work closely with government and private sector to take a more active role in Nepal’s economic growth.

The IFC delegation including IFC general manager for Advisory Services Anil Sinha and Nepal based IFC Resident Representative Rajeev Gopal, is meeting with senior government officials and key private sector chiefs to discuss ways to advance development and growth.

In Nepal, IFC’s committed portfolio is more than 34 million across the infrastructure, agribusiness, and banking sectors, in addition to advisory support to SMEs. Through advisory services, IFC promotes sustainable growth among smaller businesses by facilitating access to finance and through capacity building and training opportunities.

Donor-govt talk

KATHMANDU: The donors today held talks with the Ministry of Commerce and Supplies (MoCS) on prioritising the trade sector to boost external assistance for its development. The officials requested donors for trade related technical assistance and support in the sector of capacity building for negotiations on trade related issues. MoCS has also proposed a 'token budget' of Rs 50 million for the development of trade in the budget for fiscal year 2010-11. National Implementation Unit (NIU) -- with representatives from different line ministries -- at MoCS is going to negotiate with donor agencies for different trade related projects. Nepal has also asked the foreign donors to help remove non-tariff barriers and technical barriers for easy access of Nepali goods to international market.