Finance Secretary and Alternate Governor of Nepal Madhu Kumar Marasini express my profound gratitude for the proactive role undertaken by the Asian Development Bankin adopting operational priorities best suited to the specific needs of the member countriesto translate its strategy 2030 into action.

He sincerely appreciates the ADB, the government, andthe people of Georgia for hosting this meeting. Addressing the 57thannual meetings of Board of Governors of the Asian Development Bank in Tbilisi, Georgia which held from May 2-5, Finance Secretary and Alternate Governor of Nepal Marasini said that the government of Nepal appreciates the initiative taken by the ADB in recognizing itself as Asia and the Pacific’s Climate Bank and driving innovation and financing to meet the challenge of climate change.

“Our focus is on aligning financing with our current projects, improving infrastructure, and addressing climate change in an integrated manner. Thus, we urge the ADB and other MDBs to prioritize financing for coordinated, focused, and tangible climate actions that complement current initiatives while maximizing infrastructure projects that also contribute positively to climate objectives,” said finance secretary Marasini.

“With political stability, Nepal stands at a pivotal juncture in its pursuit of economic growth and prosperity. The Government of Nepal is dedicated to ensuring good governance, social justice, and economic prosperity. Our efforts are directed towards achieving sustainable development goals, with equal emphasis on climate action, social inclusion, and economic development.”

He said that the ripples of Covid-19 in the Nepali economy have been exacerbatedby global economic challenges and headwinds.”Nepal, like many others, faces slow economic growth and fiscal constraints due toa contraction in economic activitieswith subsequentrevenue deficits and increasing debt obligations.”

“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.”

“We need to address this sizable financing gap by leveraging investments from private capital. We have recently hostedour third investment summit in Kathmanduto highlight Nepal’s favorable investment environment. I believe the ADB can play significant role in mobilizing technical assistance and knowledge solutions to design attractive investment arrangements in sectors where Nepal has comparative advantages, 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.The ongoing ADF14 and IDA21 replenishments are a testimony of our commitment towards the development of low-income countries.

“I believeNepal’s home grown Green Resilient Inclusive Development (GRID) approach providesa partnership platform to all development partners to join hands in delivering development impact in necessary scale and speed,” said secretary Marasini.

Furthermore, given the effectiveness of SASECinitiative in enhancing interregional trade and connectivity, we urge further effortsfor deeper economic integration to establish South Asia as an emerging region.We now need to focus on enhancing connectivity, innovation, and digitalization by leveraging our collective strength for the benefit of the entire region.

Finally, I extend my heartfelt appreciation to all the governors for their invaluable perspectives and contributions. I will again extend my gratitude to the Asian Development Bank for their enduring collaboration and assistance to Nepaland for being a trusted partner during our developmentaljourney.

In closing, I wish to express my sincerest thanks to President Mr. Asakawa for his effective leadership and to the entire ADB team for their unwavering commitment and dedication to the development and prosperity of the Asia and Pacific region.

Finance Secretary and Alternate Governor of Nepal Marasini is now at the 57th annual meetings of Board of Governors of the Asian Development Bank.