US Shows Keen Interest in Strengthening Collaboration with Nepal, States Finance Minister Pun

Finance Minister Barshaman Pun, upon his return from a visit to the United States, highlighted the growing interest of the US government, private sector, and development partners in bolstering collaboration with Nepal.

Addressing journalists at Tribhuvan International Airport (TIA) on Saturday, Minister Pun remarked on the success of his visit, which included attending the 2024 Spring Joint Meetings of the World Bank Group and the International Monetary Fund in Washington DC.

Minister Pun underscored the positive outcomes of his discussions with US government officials and representatives of the Millennium Challenge Corporation (MCC), expressing satisfaction with the expressed willingness to enhance cooperation with Nepal.

He noted a surge of interest among industrialists and businesspersons in Nepal’s upcoming investment summit. Minister Pun shared that fruitful discussions had taken place with prominent private sector entities, including Coca-Cola, Meta, and Disneyland.

Highlighting ongoing projects, Minister Pun informed about the progress of the Millennium Challenge Nepal Account Development Committee (MCA-Nepal) in constructing power transmission lines and road projects with MCC’s grant assistance. He detailed the financial structure agreement reached with the World Bank for the 1,063 MW Upper Arun Hydropower Project, indicating an agreement in principle for a concessional loan of approximately $8.5 million.

Further discussions centered on potential co-financing for the 635 MW Dudhkoshi Reservoir Hydropower Project, reflecting Nepal’s commitment to harnessing clean and green energy resources.

Minister Pun’s engagements extended to interactions with high-level officials and representatives of key institutions, including the World Bank, International Finance Corporation, IMF, USAID, US International Development Finance Corporation, US Chamber of Commerce, and Non-Resident Nepali Association.

The visit underscores Nepal’s attractiveness as an investment destination and signifies the strengthening of bilateral ties, paving the way for mutually beneficial collaborations in various sectors.