FinMin sets fast-track timeline for World Bank-funded projects

KATHMANDU: A meeting at the Ministry of Finance (MoF) established a timeline for advancing five projects, deciding to undertake preparatory and related works in a fast-track modality.

The five projects, collectively valued at over Rs 72 billion and funded by the World Bank, will be executed in this expedited manner, as decided in the meeting.

Presided over by Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel at the MoF on Wednesday, the meeting also made significant decisions, including the expansion of the Bagmati-Pathlaiya section under the East-West Highway, repair and maintenance of the third bridge, and early preparedness for the modernisation of the electricity distribution system project, among others.

The concerned ministries will engage with stakeholders regarding these five projects, which are to be carried out with concessional loans from the World Bank. They will resolve all outstanding issues and carry out preparatory works, with the MoF facilitating the process if necessary.

The digital service transformation project for the Rani Jamara Kulariya Irrigation III phase will also be accelerated in fast-track mode, the meeting concluded.

According to the timeline set, preparatory works for these five projects will be completed by February 2025, and project proposals will be presented at the World Bank's board meeting in March 2025.

During the meeting, DPM Paudel directed the authorities concerned to pay special attention to the preparatory works of the outlined projects and to deliver proactively once the project proposals are approved.

Paudel assured that Nepal will seek foreign aid based on its specific needs and will invest in areas that ensure the highest returns.

Present at the meeting were secretaries from the MoF, Ministry of Physical Infrastructure and Transport, Ministry of Energy, Water Resources and Irrigation, Ministry of Communication and Information Technology, as well as other concerned office-bearers.