Finance Minister Janardan Sharma has suggested the major donor agency, the Asian Development Bank (ADB), to assist Nepal by investing along with introduction of new technologies available in the global market.
Addressing a country portfolio review meeting of ADB-funded projects being implemented in Nepal, Finance Minister Sharma said that large projects still need donor assistance and sought aid along with new technology used in developed countries.
The government and the Asian Development Bank (ADB) conducted a two-day country portfolio review meeting to assess the progress and proactively address issues of ADB-supported development projects in Nepal for timely delivery of development results. “We have to bring in not only loans but also technology these days,” he said, “so that our projects can be implemented easily.”
He also said that the loan should be repayable after the implementation of the project.
Giving instructions to the staff of all the ministries, he said, “Once we have completed the projects constructed by taking loans, we should be able to repay the loans.”
Similarly, he said that the ADB should invest in the project keeping in view the characteristics and needs of Nepal.
“We appreciate the leadership of the Ministry of Finance to identify and address risks and constraints to improving project implementation through regular country portfolio review meetings, with active participation of line ministries and relevant agencies,” said ADB Country Director for Nepal Arnaud Cauchois.
ADB’s operations in Nepal is growing and as of 2021 end, ADB’s active portfolio to the country stands at around US$3.4 billion with 30 investment projects, according to a press statement of the ADB.
Last year, ADB committed US$255 million—including US$165 million for COVID vaccine loan. ADB expects to commit more than US$932 million in 2022 depending on readiness that can be achieved under the 9-pipeline projects/programmes being considered for signing this year.
“Higher lending needs to be matched with good project performance to ensure tangible development results on the ground. We fully understand the challenges faced by the project teams because of the COVID-19 pandemic and appreciate their efforts in project implementation despite the challenges. Moving forward, we hope the specific actions agreed during the review mission will ensure timely project completion,” said Cauchois.
ADB disbursed US$272.9 million in 2021, which is higher compared to the same period the previous year. Of the net available funding amount of US$3.4 billion for 30 investment projects, 66 per cent has been contracted out and 42 per cent has been disbursed as of 31 December 2021. The contract award achievement was US$431.5 million, which showed improvement compared to the same period in 2020.
On the occasion, Finance Secretary Madhu Kumar Marasini presented awards to ADB-supported projects that achieved excellent results in 2021.
The Disaster Resilience of Schools Project, the Community Managed Irrigated Agriculture Sector – Additional Financing, and the Rural Connectivity Improvement Project won outstanding project management teams awards.
These project teams were recognised for their excellence in effective project management despite the challenges posed by the COVID-19 pandemic, as well as for prioritising gender equality, social inclusion, environmental sustainability, and social safeguards.
Since the start of its operations in Nepal in 1969, ADB has provided about US$7.3 billion in financial and technical assistance to the country.
The assistance focuses on infrastructure, including water supply and urban infrastructure, energy, and transport; agriculture, natural resources and rural development; education, including earthquake reconstruction; finance; and support for COVID-19 vaccine procurement this year.
Source : TRN,
