Finance Minister Pun Urges Asian Development Bank (ADB) to Boost Investment in the Country

Arnaud Cauchois, the Country Director of the Asian Development Bank (ADB), recently held a crucial meeting with Nepal's Finance Minister Barshman Pun, emphasizing the need for increased ADB investment in the country. Minister Pun, in turn, urged ADB to bolster its financial partnership with the World Bank, particularly in supporting Nepal's Dudhkoshi Hydroelectric Project and the Upper Arun Hydroelectric Project.

Expressing confidence in ADB's continued cooperation in Nepal's pivotal development initiatives, Minister Pun committed to expediting the implementation of the Dudhkoshi and Upper Arun hydropower projects. Notably, he highlighted the positive development wherein, after two decades, both the World Bank and ADB are collaboratively investing in the same project, marking a significant milestone.

Minister Pun acknowledged the challenge of underspending in Nepal's development budget and disclosed plans to formulate an action plan aimed at enhancing spending capacity and nurturing a skilled workforce dedicated to development projects. Additionally, he outlined initiatives targeting youth employment programs and efforts to instill optimism in both the private sector and the general public.

During the meeting, Cauchois expressed his optimism regarding the strengthening of the partnership between the two countries under his leadership. He also provided updates on the final stages of the redesign work for the Melamchi water supply project tunnel, originally funded by ADB, which suffered a collapse due to a landslide.