ADB working towards regional economic development | Daily News


 

ADB working towards regional economic development

Lazimpat, Mukhtor Khamudkhanov
Lazimpat, Mukhtor Khamudkhanov

The Asian Development Bank (ADB) is working towards capacity building, up scaling infrastructure facilities and economic cooperation towards regional economic development while having an outward approach to reach inclusive growth in its development agenda.

To this end, the ADB is supporting the Government of Nepal in its efforts to build infrastructure, develop human capital and transform agriculture to propel growth. In the development program for Nepal, the ADB also emphasizes institutional capacity building, gender equality and social inclusion and mitigating the effects of climate change.

“The ADB is facilitating regional development in a sustainable and inclusive manner. We consider, our development efforts in Nepal will have far reaching benefits to the country. We are focused to collaborate in developing areas including clean energy, solar power, infrastructure development and improvement of human resource quality.

In this regard, we consider Nepal to be a beneficiary where the country is moving towards political stability and sustainable development, Country Director ADB Nepal Resident Mission, Lazimpat, Mukhtor Khamudkhanov said.

“With the likelihood of greater political stability over the next five years, Nepal government has focus on accelerated economic development. For this, it has involved the private sector in a big way to achieve the planned upward movement of the economy. However, the binding concerns are the lack of infrastructure facilities and proper regulatory mechanism,” he said addressing the media personnel who participated at the South Asia Regional Media Capacity Building Tour on Disaster Risk Management and Regional Tourism held in Nepal last week.

“We consider political stability to be the key in propelling growth and overall development of a country. The ADB supports Nepal’s sector reforms and capacity building both at federal and subnational level. It advocates towards improved equitable access to service, development in the areas including of education, health, water supply and agriculture. It has a key focus on climate change, environment sustainability and resilience in order to improve quality of life for people in general, he said.

The ADB’s updated country partnership strategy for Nepal considers development challenges in a federal system, the strategic objectives and priorities of the government, the activities of other development partners in the country and the best use of the Bank’s limited resources.

Nepal has made notable economic and social progress in recent years. This includes the increase in literacy rate, decline of poverty rate and gender disparities have narrowed. Nepal aims to achieve the Sustainable Development Goals by 2030. However, poverty is still high in rural areas and among socially disadvantaged groups.

The ADB has been a long term development partner of Nepal since 1966 totaling US $ 5.8 billion and technical assistance of $ 0.2 billion. The current ADB portfolio consists of 36 projects amounting to $ 2.8 billion and 18 technical assistance projects worth $ 26.34 million. In 2018 ADB committed five projects for Nepal, with loans and grants totaling $ 592 million and technical assistance of $ 8.01 million.

The ADB will continue to work with Nepal to build sound institutional capacities for sector planning, high project readiness, effective implementation and sustainable asset management to take the country forward, he said.


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