The Government of Nepal, the Asian Development Bank (ADB), and the World Bank convened a Joint Tripartite Portfolio Review Meeting to assess the progress of projects supported by ADB and the World Bank and address key issues to improve portfolio performance.
The meeting was chaired by Nepal Finance Minister Prakash Sharan Mahat and Finance Secretary Krishna Hari Pushkar, and attended by secretaries of the Government of Nepal, senior officials, project directors, and staff from ADB and the World Bank. Participants shared the current progress and engaged in discussions about the constraints and challenges that, if left unaddressed, could potentially impede the overall portfolio performance.
Mr. Mahat, in his remarks, expressed appreciation to ADB and the World Bank for their support to Nepal's development over the years. "Today's meeting was important in terms of identifying collective issues that require improvement and correction. This entails interdepartmental coordination to expedite tasks, ensuring that development projects stay on track to achieve their intended outcomes for the people of Nepal and contribute to poverty reduction and sustainable development. The Ministry of Finance remains committed to timely budget allocation," said the minister.
ADB Officer-in-Charge for Nepal Arnaud Heckmann commended the Ministry of Finance's leadership in proactively addressing issues to ensure portfolio success. Timely project implementation is essential for maximizing the positive impact of development projects, ensuring efficient resource utilization, and delivering development results on the ground. We will continue to collaborate with implementing agencies to mitigate potential delays and ensure that our projects remain on track,” said Mr. Heckmann.
“We appreciate the government’s efforts towards expediting project implementation and ensuring timely delivery of externally and domestically financed projects on the ground,” said World Bank Country Director for Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos. “We are committed to work together to enhance project performance and prioritize tangible development results for the betterment of the Nepali people, particularly those who are marginalized and vulnerable. Nepal has been able to do this in the past, and there is no reason why we cannot optimize performance again.”
The Ministry of Finance, relevant ministries, implementing and executing agencies, ADB, and the World Bank have agreed on specific actions to overcome the challenges and help project implementation and disbursement pick up pace.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.