At ADB meet, Nepal appeals for increasing int'l concessional assistance

KATHMANDU: Nepal has appealed to the international community for concessional assistance.

At the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini requested concessional assistance, stating that substantial capital must be mobilised to address the economic and developmental aspirations that have been weakened due to the Covid 19 pandemic.

He urged all development partners, including the ADB, to increase financial and technical support, stating that Nepal has progressed with the concept of Green, Resilient and Inclusive Development (GRID).

Secretary Marasini highlighted the need for collective efforts to transform South Asia into a region of emerging economic development. He emphasised the importance of interdependence, innovation and digitisation for enhancing interregional trade.

Finance Secretary Mr. Madhu Kumar Marasini @madhumarasini addressed the 57th annual meeting of ADB and emphasized on scaling up concessional resources, leveraging private capital, and climate finance in an integrated way. pic.twitter.com/jn5CZOzlOw

— MOF Nepal 🇳🇵 (@mofnepal) May 5, 2024

He noted that the Nepali economy, like many others, has been affected by global economic challenges following the pandemic. In recent times, due to a contraction in economic activities resulting from a revenue deficit and increasing debt obligations, Nepal is experiencing slow economic growth and economic stagnation. Cooperation with the private sector has become essential.

Secretary Marasini shared that a Nepal investment summit was organised in Kathmandu after the pandemic to foster an investment-friendly environment in the Nepali economy. He expressed his belief that the ADB can play a significant role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology (IT).

Recalling the continuous support from the ADB, Secretary Marasini expressed his gratitude for being a reliable partner in Nepal's development journey. He stated that over the past decade, Nepal has advanced social inclusion and economic development concurrently.

(With inputs from RSS)