Speaking at the end of his five-day visit to Nepal, Asian Development Bank (ADB) Vice President for Finance and Administration Thierry de Longuemar expressed ADB’s commitment to continue to support Nepal’s development efforts and stressed the need to develop Nepal’s capital and bond markets to attract and promote private investments.
During his visit to Nepal, he met with Minister of Finance Barsha Man Pun, Governor of Nepal Rastra Bank Dr. Yuba Raj Khatiwada, Chief Secretary Lila Mani Poudel, Secretary Ministry of Finance Shanta Raj Subedi and other senior government officials. He also discussed ADB operations in the country and emphasized the need to urgently address infrastructure deficits, particularly of power, transport, and water, by establishing enabling policy environment, building capacities, and promoting private sector investment.
“Nepal has the potential to achieve stronger economic growth rate, given its natural resource endowments, human capital and strategic geographic location. Achieving stronger growth is also imperative for reducing poverty and establishing lasting peace and stability. This will require substantial increase in investments by both the public and private sectors,” said de Longuemar.
He discussed the ongoing Capital Markets and Infrastructure Capacity Support Project supported by ADB to develop Nepal’s bond market and create an enabling environment for public private partnership in infrastructure development. He also discussed the opportunity for ADB to issue local currency bonds that will help provide long-term financing for private infrastructure investment and also help develop the country’s bond markets.
VP de Longuemar also visited ADB-assisted Kali Gandaki ‘A’ Hydroelectric Plant and observed its latest operation of hydropower generation and mitigation of social and environmental impacts and discussed the prospect for further hydropower development in the country.
Thierry de Longuemar, Vice-President (Finance and Administration) of ADB, assumed his position in November 2011. Mr. de Longuemar oversees the operations of the Office of the Secretary; Office of the General Counsel; Budget, Personnel, and Management Systems Department; Office of Administrative Services; Controller’s Department; and the Treasury Department. Mr. de Longuemar, who has over 26 years of experience in both multilateral financial institutions and private banking, is responsible for the overall efficiency and effectiveness of ADB’s financial and administrative management.
ADB has worked in partnership with the Government of Nepal since the country joined ADB as a founding member in 1966. As of 31 September 2012, Nepal has received 158 loans/grants—122 sovereign ADF loans ($2,775.88 million), 5 non-sovereign loans ($58.64 million), and 32 ADF grants ($763.25 million) totaling $3,597.77 million.