May 06, Kathmandu- Nepal has appealed to the world community including Bikas international development partners to provide concessional assistance.

Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhu Kumar Marasini requested for the provision of subsidized aid as large capital needs to be mobilized to address the economy and development aspirations that have weakened due to the Covid-19 pandemic.

He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, uplifting and inclusive development (GRID). Secretary Marasini pointed out the need for collective efforts to make South Asia a region of emerging economic development and said that emphasis should be placed on interdependence, innovation and digitalization to enhance interregional trade.

"After the Covid, the Nepali economy has been affected by global economic challenges. In recent days, due to the contraction in economic activity due to revenue deficit and increasing debt obligations, Nepal, like many others, is facing slow economic growth and economic stagnation", he said, "Cooperation with the private sector has become inevitable as the mobilization of public finances alone is not enough to achieve economic prosperity, upgrading from underdeveloped countries to developing countries and sustainable development goals. I would like to use this platform to inform all our development partners including ADB that our government has a policy of emphasizing concessional loans.”

Secretary Marasini said that Nepal is striving for economic growth and prosperity along with political stability and the government is committed to ensuring good governance, social justice and economic prosperity.

Informing that the third investment conference was organized in Kathmandu some time ago to create an investment-friendly environment in Nepal, he mentioned that they believe that ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology.