Saturday, March 30, 2019

ADB VP attends investment summit in Nepal, reaffirms development support

Asian Development Bank (ADB) vice president Shixin Chen reaffirmed the multilateral development partner's commitment to supporting economic prosperity and assisting the country in fulfilling its growth aspirations.
"In our 50-year partnership, we have mobilised about $6 billion to help build infrastructure and services and improve the lives of the people of Nepal,” Chen – who is on Nepal visit from March 26 to March 30 – said at the Nepal Investment Summit here today.
"ADB’s operations in Nepal have continued to grow over the years and we will continue to support Nepal as it aims for accelerated economic growth," he said, underscoring Nepal's recent efforts to introduce economic reforms and to extend economic cooperation in the region. "Nepal is at the cusp of transformation and can now capitalise on improvements in the economy and address the remaining challenges in attracting investment."
Chen took active part in the Nepal Investment Summit yesterday and today, where Prime Minister KP Sharma Oli and representatives of development partners discussed on making Nepal more investment friendly country.
During the visit, Chen also met with the Prime Minister and reiterated ADB’s support for the government’s development agenda while expressing confidence in the country’s economic prospects. He also met with finance minister and ADB governor Dr Yuba Raj Khatiwada and energy minster Barsha Man Pun during his visit, a press note from the ADB Country Office in Kathmandu reads.
Chen – during his remarks at the investment summit – also noted that Nepal government’s campaign of 'Happy Nepali, Prosperous Nepal' rightly captures people’s aspirations for accelerating economic development in the country and the Summit comes against the backdrop of political stability and improvements in the economy.
Chen noted that ADB’s country partnership strategy for Nepal covering the 5-year period – from 2020 to 2024 – is being prepared and will reflect the government’s development priorities for sustainable and inclusive growth.
During his 5-day visit, Chen also visited ADB-supported project sites, including the South Asia Tourism Infrastructure Development Project in Lumbini and Gautam Buddha International Airport in Bhairahawa, and Sanjivani School in Dhulikhel under the Earthquake Emergency Assistance Project. The latter project is helping to rebuild schools, government buildings, and roads damaged by the devastating earthquake of 2015.
ADB's active portfolio consists of 36 projects amounting to $2.8 billion and 18 technical assistance projects worth $26.4 million.
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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