Finance Minister Advocates for Increased World Bank Investment in Nepal

Finance Minister Barsha Man Pun recently engaged in strategic discussions with World Bank (WB) Group Vice Presidents Akihiko Nishio and Guangzhe Chen at the WB Headquarters in Washington DC. The meetings focused on exploring avenues for enhanced investment in Nepal’s development projects.

Minister Pun expressed gratitude to Vice President Akihiko Nishio for considering Nepal’s proposal to host a meeting of the International Development Association (IDA-21) in Kathmandu this June. He highlighted the country’s readiness for the event, emphasizing the importance of concessional loans and grants to support Nepal’s development initiatives.

During the discussions, Minister Pun underscored Nepal’s recent advancements in telecommunications, transportation, and clean energy, which present lucrative investment opportunities. He referenced the Kathmandu Declaration, a strategic action plan for Green, Resilient, and Inclusive Development (GRID), as a roadmap for sustainable development endorsed by Nepal and its development partners in 2021.

Acknowledging the WB’s involvement in key hydropower projects such as the upper Arun Semi Reservoir and Dudhkoshi Reservoir, Minister Pun reaffirmed Nepal’s commitment to infrastructure development. He emphasized the significance of these projects as catalysts for economic growth and expressed optimism regarding their timely implementation.

Furthermore, Minister Pun highlighted Nepal’s efforts to leverage its hydropower potential for regional energy cooperation. He cited agreements with India to export 10,000 megawatts of power over the next decade and ongoing negotiations with Bangladesh as examples of Nepal’s commitment to regional energy collaboration.

In a separate meeting with International Finance Corporation (IFC) Vice President Riccardo Puliti, Minister Pun emphasized the longstanding collaboration between Nepal and IFC. He commended IFC’s contributions to Nepal’s economic growth, particularly in the tourism sector, and sought increased investment and technical assistance across various sectors.

Minister Pun also shared insights into Nepal’s burgeoning information technology sector and reaffirmed the country’s commitment to welcoming foreign direct investment. He highlighted the upcoming Third Investment Summit in Kathmandu as a platform to attract foreign investment and foster economic partnerships.

As Minister Pun continues his engagements in the USA, including participation in the Joint Spring-time Meeting of the WB and the IMF, Nepal remains poised to leverage international cooperation and investment for sustainable development and economic prosperity.