Finance Minister Pun's appeal to increase investment in Nepal

In a meeting held at the World Bank headquarters in Washington DC last night, Minister Pun asked both the vice presidents to find more areas of investment in Nepal through concessional loans or grants.

Saying that IDA can be a reliable medium for developing countries like Nepal, Minister Pun mentioned that the achievements of Nepal in the fields of telecommunication, transportation, and clean energy in the last decade are worth seeing by the world community.

Nepal government and 16 development partners jointly approved in 2021, he informed that the Kathmandu Manifesto, which includes a strategic action plan for green, sustainable and inclusive development (GRID), is moving forward. He said that according to the concept of the manifesto, the first green upliftment and inclusive development program (Grid DPC) is going to be implemented next year. Minister Pun praised the willingness of the World Bank to invest in the 1,63 MW Upper Arun Earth Reservoir Project and the 635 MW Dudhkoshi Reservoir Project.

In a meeting with the vice-president of the World Bank, Guangzhe Chen, who looks after the infrastructure sector, Minister Pun said that Nepal has given priority to upstream development. He said that on behalf of the government, emphasis has been placed on energy, transport and urban infrastructure focused plans.

He said that the roundtable meeting held last week with the officials of the World Bank in Kathmandu about the financial structure of the two big hydropower projects, Upper Arun and Dudhkoshi, was fruitful and he expressed hope that the financial management will be finalized soon. Stating that both projects are a 'game changer' project for Nepal, he expressed his belief that the development of these projects will increase Nepal's large upstream construction capacity.