“The World Bank´s partnership with Nepal is one of the longest in (the Bank´s) history and we are proud of accomplishments,” Isabel Guerrero, the Bank´s vice president for the South Asia region, told a gathering held in Kathmandu to commemorate the partnership called ´Swarnim Yatra´ (Golden Journey). [break]
“Nepal achieved millennium development goal of halving extreme poverty well ahead of time and well ahead of its neighbors, despite (10 years of) conflict and long political transition,” she said, as she congratulated Nepal for achieving gender parity in primary education and increasing life expectancy.
But looking forward, Nepal will need to focus on promoting inclusive growth, accelerating human development, closing infrastructure gap, creating an environment for private sector growth, and improving governance and accountability, she informed.
“The World Bank is ready to help Nepal overcome these challenges,” she said, calling the formation of the interim election council “a welcome step”.
Nepal´s partnership with the World Bank began in November 1963 with the arrival of an economic mission team, which visited Kathmandu, Biratnagar, Birgunj, Hetauda, the Rapti valley and Pokhara. A year later the Bank provided its first technical assistance grant to Nepal to finance and organize a transport survey. In 1969, the Bank approved its first credit for Nepal for a telecommunications project. Since then it has been continuously providing financing, technical assistance and advices with core objectives of reducing poverty and raising living standard of Nepalis.
“Given Nepal´s modest start five decades ago, when the country was lying in isolation, we have achieved wonderful results,” Madhav Prasad Ghimire, the newly-appointed minister for foreign and home affairs, told the gathering. “Among these, one of the biggest measurable successes has been in poverty reduction.”
In 2004, 43 percent of the population was living below the poverty line. This number came down to 23 percent by 2011.
“Nepal´s development is not possible without fighting tooth and nail with poverty,” Ghimire said. But he acknowledged “long political transition”, which “hampered decision making”, has also affected Nepal´s development endeavors. “Massive gap in infrastructure, especially in the power sector, also needs to be reduced, while safety nets need to be expanded,” Ghimire said.
Finance Secretary Shanta Raj Subedi thanked the Bank for its continued support. “We will continue to coordinate with our development partners to promote socio-economic development of the country,” he said as he informed the gathering about the government´s plan to soon launch a new foreign aid policy.
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