ADB Vice President Wencai Zhang, who is on a four-day visit to Nepal, said on Monday that there was an urgent need to accelerate reconstruction and implementation of development programs to prevent a further slowdown in growth and to ensure rapid recovery."The National Reconstruction Authority (NRA) needs to release sufficient budget immediately, enforce fast-track decision making, and adopt building-back-better principles and innovative approaches for time and cost-efficiency to expedite unhindered implementation of reconstruction works," he said, addressing media persons in Kathmandu.
Hailing the government's efforts to address energy crisis, Zhang also said that ADB will build on its existing support in the energy sector and will extend assistance for 25 MW grid solar power plants and two major storage hydropower projects -- Dudhkoshi (300 MW) and Nalsing Gadh (410 MW).
During his visit, Zhang met with Prime Minister K P Sharma Oli, Deputy Prime Minister Bijay Kumar Gachchhadar and other senior government officials to discuss how Nepal can accelerate its economic recovery and develop plans for sustained higher growth.
The ADB Vice President also met with Deputy Prime Minister and Minister for Energy Top Bahadur Rayamajhi, Minister for Finance Bishnu Prasad Paudel and Vice Chairman of the National Planning Commission (NPC) Yubaraj Khatiwada.
During his meetings, Zhang welcomed the finalization of the Reconstruction Policy and NRA Grant Guidelines, and progress toward formulation of Post Disaster Risk Recovery Framework, following the recent establishment of NRA and the appointment of its CEO.
ADB forecasts Nepal's economy to grow by 1.5 percent 2015/16 after logging 3 percent growth in the last fiscal year, due to severe earthquakes in 2015, aftershocks, and subsequent supply disruptions. ADB expects that the growth will pick up to 4.8 percent in the next fiscal year which begins in mid-July.
Under ADB's country partnership strategy with Nepal for 2013-2017, ADB is prioritizing major investments in hydropower generation and transmission, enhancing the capacity of international airports, building new economic corridors to promote regional trade, and reforming higher education systems. ADB will continue its support for inclusive growth through investments in agricultural diversification and productivity, water supply and sanitation, and rural roads. ADB will work to attract private sector investment and public-private partnerships for large-scale hydropower and transmission projects and high-value agricultural value chains, a statement issued by ADB said.
During his visit to Nepal, Zhang visited the project sites of Earthquake Emergency Assistance Project in Kavrepalanchowk district as well as the Melamchi Water Supply Project in Sindhupalchowk district. He also participated in the International Seminar on Envisioning Nepal 2030 organized by the National Planning Commission (NPC) on Monday.
The Manila-based multilateral donor is dedicated to reduce poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
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