The joint government and World Bank portfolio review concluded today covering 24 World Bank-financed projects with a total commitment of $ 2.35 billion. The concluding meeting was chaired by finance minister Dr Yuba Raj Khatiwada and World Bank country director for Nepal, Sri Lanka and the Maldives in the South Asia Region, Idah Z Pswarayi-Riddihough.
Of the 24 projects, some 20 are investment projects worth about $ 1.78 billion, three Programme for Results operations worth about $468 million and one Development Policy Credit worth about $100 million spread across energy, transport, earthquake housing reconstruction, education, health, social protection, water and irrigation, agriculture and livestock and public financial management sectors, according to a press note issued by the multilateral development partner.
“The government acknowledges the support of the World Bank and its assistance to Nepal’s development priorities,” finance minister Dr Khatiwada said, adding that the review is an opportunity to learn from and apply good practices across the different sectors while chalking out a roadmap for project delivery to ensure that development finance received for Nepal is utilized most productively.
Prior to the concluding meeting of the portfolio review, a three-day sectoral review was organised on September 9 to September 11 under the chair of the secretaries of the concerned line ministries. The annual stocktaking exercise is organised to review the performance of ongoing projects, assess the impact of federal transition and project restructuring, review procurement and disbursement performance and discuss implementation challenges.
“The World Bank celebrates 50 years of the first International Development Association (IDA) credit to Nepal this year and we are indeed proud to be a trusted partner in Nepal’s development agenda,” World Bank country director for Nepal, Sri Lanka and the Maldives in the South Asia Region Idah Z Pswarayi-Riddihough, said, adding that the World Bank is encouraged by the successful implementation of projects in Nepal and look forward to working with the government to address implementation bottlenecks for effective and timely completion of projects for the benefit of the people of Nepal.
Following the review, a memorandum of understanding (MoU) was signed between the Finance Ministry and the World Bank identifying an action plan by sector for improving the portfolio performance of projects, specific actions to improve implementation environment under the new federal structure and a tentative portfolio pipeline for fiscal year 2019-20 and fiscal year 2020-21. The portfolio review was attended by authorities from related ministries and departments, National Planning Commission (NPC), FCGO, Office of the Auditor General, Nepal Rastra Bank (NRB), World Bank (WB) and project teams.
Of the 24 projects, some 20 are investment projects worth about $ 1.78 billion, three Programme for Results operations worth about $468 million and one Development Policy Credit worth about $100 million spread across energy, transport, earthquake housing reconstruction, education, health, social protection, water and irrigation, agriculture and livestock and public financial management sectors, according to a press note issued by the multilateral development partner.
“The government acknowledges the support of the World Bank and its assistance to Nepal’s development priorities,” finance minister Dr Khatiwada said, adding that the review is an opportunity to learn from and apply good practices across the different sectors while chalking out a roadmap for project delivery to ensure that development finance received for Nepal is utilized most productively.
Prior to the concluding meeting of the portfolio review, a three-day sectoral review was organised on September 9 to September 11 under the chair of the secretaries of the concerned line ministries. The annual stocktaking exercise is organised to review the performance of ongoing projects, assess the impact of federal transition and project restructuring, review procurement and disbursement performance and discuss implementation challenges.
“The World Bank celebrates 50 years of the first International Development Association (IDA) credit to Nepal this year and we are indeed proud to be a trusted partner in Nepal’s development agenda,” World Bank country director for Nepal, Sri Lanka and the Maldives in the South Asia Region Idah Z Pswarayi-Riddihough, said, adding that the World Bank is encouraged by the successful implementation of projects in Nepal and look forward to working with the government to address implementation bottlenecks for effective and timely completion of projects for the benefit of the people of Nepal.
Following the review, a memorandum of understanding (MoU) was signed between the Finance Ministry and the World Bank identifying an action plan by sector for improving the portfolio performance of projects, specific actions to improve implementation environment under the new federal structure and a tentative portfolio pipeline for fiscal year 2019-20 and fiscal year 2020-21. The portfolio review was attended by authorities from related ministries and departments, National Planning Commission (NPC), FCGO, Office of the Auditor General, Nepal Rastra Bank (NRB), World Bank (WB) and project teams.
No comments:
Post a Comment