The Asian Development Bank (ADB) has released a new 5-year Country Partnership Strategy (CPS) for Nepal supporting to help the country achieve its goal for a stronger and more inclusive economy.
According to the multilateral development finance institution, improved infrastructure for private sector-led growth, access to devolved serviced, environment sustainability and resilience are at the focal point of the partnership strategy endorsed by its directors today.
Under the new strategy ‘Nepal CPS for 2020–2024’, ADB expects to lend an estimated $500 million to $600 million on average during 2020–2022.
“With the political stability and the federal system of governance in place, Nepal is poised to bring about the desired economic and social transformation,” said ADB country director for Nepal Mukhtor Khamudkhanov. “Our new CPS is aligned with the government’s plan of achieving higher economic growth, reducing poverty, and improving people’s lives,” he said, adding that Nepal has seen reduced poverty and raised literacy levels in the last decade. “Now, moving forward, smooth implementation of federalism, investments in critical physical infrastructure, and creating an environment for private sector investments are critical to further boost growth and reduce poverty.”
Under the new CPS, ADB will support hydropower development and renewable energy, roads and air transport, logistics, and trade facilitation to strengthen domestic, regional, and international connectivity; reduce the costs of production and trade for businesses; and attract private investment. The CPS will help support development of cities and urban municipalities, quality education and employment-oriented skills development, and increased agriculture productivity and commercialisation to augment rural incomes, reads a press note issued by the ADB Resident Mission in Kathmandu. “These will be targeted to benefit women and disadvantaged social groups.”
In all its development programmes and projects, ADB will continue to prioritise gender equality and social inclusion, as well as disaster resilience and environmental sustainability, it reads, adding that the CPS also supports increased availability of, and more equitable access to, basic services through the federal system of governance; stronger resilience to natural hazards that occur periodically; and sustainable use of natural resources. “ADB will assist with policy reforms for devolved service delivery, including subnational public financial management; and sector reforms in agriculture, air transport, and water supply.”
Knowledge and development of institutional capacity, especially at subnational levels, will be emphasized, it adds.
The CPS reflects feedback from ADB’s consultations with the government agencies at the central, provincial, and local levels, as well as with international development partners, civil society, and the private sector.
Since its establishment in 1966, ADB has provided almost $6 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members, 49 from the region.
According to the multilateral development finance institution, improved infrastructure for private sector-led growth, access to devolved serviced, environment sustainability and resilience are at the focal point of the partnership strategy endorsed by its directors today.
Under the new strategy ‘Nepal CPS for 2020–2024’, ADB expects to lend an estimated $500 million to $600 million on average during 2020–2022.
“With the political stability and the federal system of governance in place, Nepal is poised to bring about the desired economic and social transformation,” said ADB country director for Nepal Mukhtor Khamudkhanov. “Our new CPS is aligned with the government’s plan of achieving higher economic growth, reducing poverty, and improving people’s lives,” he said, adding that Nepal has seen reduced poverty and raised literacy levels in the last decade. “Now, moving forward, smooth implementation of federalism, investments in critical physical infrastructure, and creating an environment for private sector investments are critical to further boost growth and reduce poverty.”
Under the new CPS, ADB will support hydropower development and renewable energy, roads and air transport, logistics, and trade facilitation to strengthen domestic, regional, and international connectivity; reduce the costs of production and trade for businesses; and attract private investment. The CPS will help support development of cities and urban municipalities, quality education and employment-oriented skills development, and increased agriculture productivity and commercialisation to augment rural incomes, reads a press note issued by the ADB Resident Mission in Kathmandu. “These will be targeted to benefit women and disadvantaged social groups.”
In all its development programmes and projects, ADB will continue to prioritise gender equality and social inclusion, as well as disaster resilience and environmental sustainability, it reads, adding that the CPS also supports increased availability of, and more equitable access to, basic services through the federal system of governance; stronger resilience to natural hazards that occur periodically; and sustainable use of natural resources. “ADB will assist with policy reforms for devolved service delivery, including subnational public financial management; and sector reforms in agriculture, air transport, and water supply.”
Knowledge and development of institutional capacity, especially at subnational levels, will be emphasized, it adds.
The CPS reflects feedback from ADB’s consultations with the government agencies at the central, provincial, and local levels, as well as with international development partners, civil society, and the private sector.
Since its establishment in 1966, ADB has provided almost $6 billion in financial and technical assistance to Nepal. The assistance was provided in energy, transport, water supply and urban infrastructure services, agriculture and irrigation, and education.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members, 49 from the region.
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