Finance Secretary Madhu Kumar Marasini has urged the Asian Development Bank and other multilateral development banks to prioritise financing for coordinated, focused, and tangible climate actions that complement current initiatives while maximising infrastructure projects that also contribute positively to climate objectives.
Marasini said Nepal’s focus is on aligning financing with the country’s current projects, improving infrastructure, and addressing climate change in an integrated manner.
“With political stability, Nepal stands at a pivotal juncture in its pursuit of economic growth and prosperity,” he said while addressing the 57th annual meetings of board of governors of the Asian Development Bank held in Tbilisi of Georgia. “The Government of Nepal is dedicated to ensuring good governance, social justice, and economic prosperity.”
He also said that Nepal’s efforts are directed towards achieving sustainable development goals, with equal emphasis on climate action, social inclusion, and economic development.
“To achieve our goals of economic prosperity, graduation from LDC status, and meeting the Sustainable Development Goals, we face a significant funding gap that cannot be filled solely through public finance,” he said. “We need to address this sizeable financing gap by leveraging investments from private capital.”
The finance secretary informed the international community at the event about the third investment summit recently held in Kathmandu. He said the ADB can play a significant role in mobilising technical assistance and knowledge solutions to design attractive investment arrangements in sectors where Nepal has comparative advantage, such as tourism, hydropower, and information technology.
“Considering the huge financing needs and underlying fiscal challenges, I call upon the ADB and other development partners to substantially increase concessional resources,” Secretary Marasini said. “I believe Nepal’s home grown Green Resilient Inclusive Development (GRID) approach provides a partnership platform to all development partners to join hands in delivering development impact in necessary scale and speed.”
He also called for additional efforts for deeper economic integration to establish South Asia as an emerging region. “We now need to focus on enhancing connectivity, innovation, and digitalisation by leveraging our collective strength for the benefit of the entire region,” he added.
