Speaking at a press meet on Thursday, Nakao said that the ADB will closely work with the government to help build strong institutional capacity, and to ensure sound governance and fiduciary risk management systems for the reconstruction process.
Building back better, inclusiveness, robust institutional set up for the reconstruction, capacity enhancement of the government, and donor coordination and government ownership are the five principles laid down by the ADB President Nakao.
The ADB has approved an immediate assistance of US$ 200 million to help Nepal's reconstruction efforts after the devastating earthquake of April 25.
Earlier speaking at the International Conference on Nepal' Reconstruction 2015, he had said that ADB is ready to provide new assistance of up to $400 million, bringing total assistance to $600 million.
Explaining his principle of 'building back better', ADB President Nakao said that buildings should be rebuilt to earthquake-resistant standards. He also vowed to pay special attention to the needs of the poor, rural residents, and other vulnerable social groups, who have suffered more from the earthquake, to ensure inclusiveness in the rebuilding process.
Toward robust institutional set up for the reconstruction, Nakao said that there was a need of strong leadership to manage resources and success of such institution. He also hailed the government's effort to form such institution. "The government has already started process to establishing a special purpose agency for reconstruction and showing strong leadership. This will facilitate swift decision-making in the budget process, implementation, and coordination," he added.
Amid concerns about the corruption and possible mismanagement, the chief of Manila-based regional development bank said that the proper procurement policies, civil society group and media vigilance, regular disclosures and supervision of corruption watchdog could help in fiduciary risk management.
Nakao said that donor coordination and government ownership is critical for successful reconstruction. He also alerted the government about the chances of derailment of the country's social, political and economic achievements. "This tragedy should not impinge the efforts of economic growth, poverty reduction and political achievements, notably the recent efforts of the political parties to reach understanding on constitution drafting. Reconstruction should go hand-in-hand with development programs already planned," he added.
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