ADB, WB for timely project implementation

Kathmandu, Sept. 29

Officer-in-Charge of the Asian Development Bank (ADB) for Nepal Arnaud Heckmann said that timely project implementation is essential for maximising the positive impact of development projects, ensuring efficient resource utilisation, and delivering development results on the ground.

"We will continue to collaborate with implementing agencies to mitigate potential delays and ensure that our projects remain on track,” said Heckmann while speaking at the Joint Tripartite Portfolio Review Meeting organised by the Government of Nepal, ADB, and World Bank in the Capital on Friday.

The meeting was convened to assess the progress of projects supported by ADB and the WB and address key issues to improve portfolio performance, read a statement issued by the stakeholders of the meeting.

Speaking on the occasion, World Bank Country Director for the Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos said that the WB appreciates the government’s efforts towards expediting project implementation and ensuring timely delivery of externally and domestically financed projects on the ground.

 “We are committed to working together to enhance project performance and prioritise tangible development results for the betterment of the Nepali people, particularly those who are marginalised and vulnerable. Nepal has been able to do this in the past, and there is no reason why we cannot optimise performance again,” he said.

The meeting was chaired by Finance Minister, Dr. Prakash Sharan Mahat and Finance Secretary Krishna Hari Pushkar, and attended by secretaries of the Government of Nepal, senior officials, project directors, and staff from ADB and the World Bank.

Participants shared the current progress and engaged in discussions about the constraints and challenges that, if left unaddressed, could potentially impede the overall portfolio performance.

FM Dr. Mahat, expressed appreciation to ADB and the World Bank for their support to Nepal's development over the years.

"Today's meeting was important in terms of identifying collective issues that require improvement and correction. This entails interdepartmental coordination to expedite tasks, ensuring that development projects stay on track to achieve their intended outcomes for the people of Nepal and contribute to poverty reduction and sustainable development. The Ministry of Finance remains committed to timely budget allocation," said the minister.

The Ministry of Finance, relevant ministries, implementing and executing agencies, ADB, and the WB have agreed on specific actions to overcome the challenges and help project implementation and disbursement pick up pace.

Published in The Rising Nepal daily on 30 September 2023.