Asian
Development Bank (ADB) president Takehiko Nakao said today that ADB is
committed to working closely with Bhutan government and its people and ongoing
efforts to broaden the economy should be strengthened.
Nakao was in
Bhutan for the first time as ADB president and opened ADB’s office in the
country. During his one-day trip Nakao met with prime minister of Bhutan Tshering
Tobgay and finance minister and ADB governor Namgay Dorji and discussed
economic and development prospects and ADB’s support for Bhutan.
He noted
that Bhutan has enjoyed high economic growth and made 'remarkable progress' in
reducing poverty and achieving the Millennium Development Goals (MDGs). However,
he also pointed to the need for more work to help Bhutan diversify its economy,
develop its private sector, and tackle youth unemployment.
At the
office opening he launched a new ADB publication, Three Decades of Development
Partnership, to celebrate joint ADB-Bhutan efforts to promote inclusive and
sustainable development.
Nakao also
traveled to view urban roads and water storage tanks that are part of ADB’s
Urban Infrastructure Development Project. The $30 million project aims to help
ensure sustainable development of two of Bhutan’s largest municipalities – Phuentsholing
and Thimphu – and one regional centre, Dagana. The project is working to expand
water supply, drainage and sanitation, improve urban roads, and strengthen
urban management.
Bhutan has
been a member of ADB since 1982. Since starting operations in Bhutan, ADB has
provided around $340 million in loans and $140 million in grants to support
development. Key projects have included rural electrification, power sector
reforms, roads, and urban infrastructure.
ADB is also supporting
hydropower development in Bhutan including the 126-megawatt Dagachhu hydropower
plant which will send 500,000 megawatt hours of electricity to India, helping
to alleviate power shortages there and generate key export revenue for Bhutan.
The plant was the first cross-border project earns carbon credits under the
Kyoto Protocol’s Clean Development Mechanism.
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