The joint Government of Nepal and World Bank portfolio review concluded today covering 24 World Bank-financed projects with a total commitment of US$ 2.35 billion. The concluding meeting was chaired by Hon. Minister of Finance, Dr. Yuba Raj Khatiwada and World Bank Country Director for Nepal, Sri Lanka and the Maldives in the South Asia Region, Idah Z. Pswarayi-Riddihough.
"Of the 24 projects, 20 are investment projects (about US$ 1.78 billion), three Program for Results operations (about US$ 468 million) and one Development Policy Credit (about US$ 100 million) spread across energy, transport, earthquake housing reconstruction, education, health, social protection, water & irrigation, agriculture & livestock and public financial management sectors," said a press release issued by The World Bank's Nepal Country Office.
“The Government of Nepal acknowledges the support of the World Bank and its assistance to the country’s development priorities,” stated Honorable Minister of Finance, Dr. Yuba Raj Khatiwada. “The review is an opportunity to learn from and apply good practices across the different sectors while chalking out a road
map for project delivery to ensure that development finance received for Nepal is utilized most productively.”
Prior to the concluding meeting of the portfolio review, a three-day sectoral review was organized on 9-11 September under the chair of the Secretaries of the concerned line ministries. The annual stocktaking exercise is organized to review the performance of ongoing projects, assess the impact of federal transition and project restructuring, review procurement and disbursement performance and discuss implementation challenges.
“The World Bank celebrates 50 years of the first International Development Association credit to Nepal this year and we are indeed proud to be a trusted partner in Nepal’s development agenda,” stated Idah Z. Pswarayi-Riddihough, World Bank Country Director for Nepal, Sri Lanka and the Maldives in the South Asia Region. “We are encouraged by the successful implementation of projects in Nepal and look forward to working with the government to address implementation bottlenecks for effective and timely completion of projects for the benefit of the people of Nepal.”
Following the review, a memorandum of understanding was signed between the Ministry of Finance and the World Bank identifying an action plan by sector for improving the portfolio performance of projects, specific actions to improve implementation environment under the new federal structure and a tentative portfolio pipeline for FY20 and FY21. The portfolio review was attended by authorities from related ministries and departments, National Planning Commission, FCGO, Office of the Auditor General, Nepal Rastra Bank, World Bank and project teams.