Finance Ministry Sets Timeline to Fast-Track Rs. 72 Billion World Bank-Funded Projects

The Ministry of Finance has set a timeline to expedite five major development projects valued at over Rs. 72 billion. These World Bank-funded initiatives will follow a fast-track modality to streamline preparatory and execution processes, as decided in a high-level meeting chaired by Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel.

Key projects include the expansion of the Bagmati-Pathalaiya section of the East-West Highway, repair and maintenance of the third bridge, and early-stage work for the modernization of the electricity distribution system. In addition, the digital service transformation project under the third phase of the Rani Jamara Kulariya Irrigation initiative will also be accelerated to meet the new deadlines.

The Ministry of Finance emphasized coordination across various sectors, directing the relevant ministries to engage with stakeholders to resolve outstanding issues related to concessional World Bank funding. The Ministry has committed to providing support as needed to expedite initial preparations.

A structured timeline has been set, with preparatory work slated for completion by February 2025 and project proposals to be presented at the World Bank's board meeting in March 2025. DPM Paudel instructed officials to be proactive in preparing and executing the projects, assuring that Nepal will seek foreign aid strategically, investing in projects with high potential returns.

The meeting was attended by secretaries from the Ministries of Finance, Physical Infrastructure and Transport, Energy, Water Resources and Irrigation, and Communications and Information Technology, alongside other senior officials.