It is my pleasure to welcome you to the launch of the Asian Development Bank’s Country Partnership Strategy for the period 2025-2029: A Partnership For Private Sector-Led Growth, Youth, Employment, and Resilience, which was endorsed by the ADB Board of Directors on 17 June this year.

Nepal has shown economic resilience, with a steady average growth rate of 4.3 percent over the past 30 years and substantial poverty reduction. About 500,000 youth enter the labor market annually; however, only a few find jobs in the country, and many migrate overseas in search of better employment opportunities.

Let me highlight a few key features of the CPS:

First, the CPS aligns closely with the Government of Nepal’s 16th Five-Year Plan (FY 2025-2029), which seeks to achieve “good governance, social justice, and prosperity.”

Second, this CPS is distinct in that it was developed for the first time in Nepal jointly with the World Bank Group through consultations held in all seven provinces and at the federal level. This collaborative approach created a shared platform for our two organizations for further joint studies and developing the joint strategic approach for ADB’s CPS and the World Bank Group’s country partnership framework. This close alignment of the two strategies opens further opportunities for deep collaboration between our two organizations, including potential areas of partnership in energy, business climate reform, job creation, and tourism.

Third, the CPS further develops ADB’s commitment to promoting private sector-led and employment-intensive economic transformation by directly supporting private sector development through support for business climate reform, leveraging PPPs, and expanding non-sovereign operations.

Fourth, improving youth employability through human capital and skills development is another key objective of the CPS. ADB will continue to support foundational education, technical and vocational education and training, including linkages with labor markets, and improving the livability of cities to attract the youth who might otherwise migrate for better living conditions abroad.

Additionally, the strategy strengthens the country’s resilience to climate change and natural hazards through investments in green infrastructure, hydropower, climate-smart agriculture, and disaster risk management.

I would like to express my sincere appreciation to the Ministry of Finance for the valuable guidance and comments on the earlier version of the CPS, which greatly contributed to deepening alignment with government priorities and developing the main strategic aspects of the CPS.

I would like to once again extend my gratitude to the Deputy Prime Minister and Minister of Finance for gracing the launch of our new CPS and acknowledging the excellent collaboration with the World Bank Group in jointly preparing the CPS and CPF. Finally, I would like to thank our ADB team for their great efforts in finalizing the CPS and all participants for joining us. We look forward to closely working with the Government of Nepal and all other major stakeholders in the development of Nepal, as ADB and the World Bank Group begin the joint implementation of our new strategies.

Arnauld Cauchois is the Country Director of Nepal Resident Mission, Asian Development Bank. Excerpts of his welcome remarks delivered during the launching ceremony of the Country Partnership Strategy for Nepal (2025-2029).