A tripartite 'portfolio' review meeting regarding the review of the projects being undertaken in Nepal with the investment of the World Bank and the Asian Development Bank (ADB) was held at the Ministry of Finance on Tuesday.

Finance Minister Barshman Pun's secretariat informed the meeting review the progress of the projects invested by both banks.

World Bank is currently financing 23 projects worth USD 2.3 billion in Nepal while there are 26 projects with estimated cost of USD 3.6 billion undertaken with the financing of the Asian Development Bank.

Both of these banks have invested in projects related to road infrastructure, water supply, education, health, agriculture, energy and tourism.

During the portfolio review meeting, representatives from both banks expressed concerns about project delays attributed to issues such as land acquisition, contract management, payment delays, and legal complexities, particularly regarding forest land acquisition, said Finance Minister Pun’s secretariat.

After listening to the complaints of the World Bank and the Asian Development Bank about the delay in the projects, Finance Minister Pun expressed his commitment that the systemic problems of those projects will be solved through policy reforms and the practical problems will be solved in coordination with inter-ministerial agencies.

Minister Pun said that it is necessary to increase efficiency in the implementation of development projects.

Finance Minister Pun stated that he is actively coordinating and engaging in discussions with the agencies responsible for implementing the plan. He further mentioned that he has obtained commitments from these agencies to accelerate their efforts

Finance Secretary Krishnahari Pushkar, joint secretaries of the ministry, executive director of Nepal Electricity Authority Kulman Ghising, World Bank's Country Director for Nepal, the Maldives and Sri Lanka Faris Hadad Zervos, Asian Development Bank's Director General for South Asia Takeo Konishi and others were present in the meeting.