Nepal appeals world community to increase soft loans

KATHMANDU, MAY 6: Nepal has appealed to the international community to provide concessional loans. Addressing the 57th annual meeting of the Board of Governors of the Asian Development Bank (ADB) held in Tbilisi, the capital of Georgia, Finance Secretary Madhukumar Marasini asked for such loans as large capital must be mobilized to address the economic challenges like revenue deficit and increasing debt obligations surfacing as the impacts of the Covid-19 pandemic.

He urged all development partners, including the Asian Development Bank, to increase financial and technical support, saying that Nepal has moved forward with the concept of green, resilient and inclusive development (GRID). Secretary Marasini pointed out the need for collective efforts to make South Asia an area of emerging economic development and said that emphasis should be given to the same.

Secretary Marasini shared that after the Covid-19 pandemic, the third investment conference was organized in Kathmandu to create an investment-friendly environment in the Nepali economy. He mentioned that the ADB can play an important role in creating an environment for investment in areas of comparative advantage such as tourism, hydropower and information technology.

Recalling that the ADB has been continuously supporting Nepal, Secretary Marasini expressed his gratitude for being a reliable partner in the development journey. He said that in the last decade, Nepal has advanced social inclusion and economic development together.