Nepal government, the Asian Development Bank (ADB), and the World Bank on Friday held a joint tripartite portfolio review meeting to assess the progress of projects supported by the two multinational funding agencies.

The meeting was chaired by Nepal Finance Minister Prakash Sharan Mahat.

Participants shared the current progress and engaged in discussions about the constraints and challenges that, if left unaddressed, could potentially impede the overall portfolio performance.

Mahat, in his remarks, expressed appreciation to ADB and the World Bank for their support in Nepal's development over the years.

"Today's meeting was important in terms of identifying collective issues that require improvement and correction. This entails interdepartmental coordination to expedite tasks, ensuring that development projects stay on track to achieve their intended outcomes for the people of Nepal and contribute to poverty reduction and sustainable development,” said Mahat.

“The ministry is committed to allocating the budget in a timely manner.”

Arnaud Heckmann, ADB officer-in-charge for Nepal, commended the finance ministry's proactive role in addressing issues to ensure portfolio success.

“Timely project implementation is essential for maximising the positive impact of development projects, ensuring efficient resource utilisation, and delivering development results on the ground. We will continue to collaborate with implementing agencies to mitigate potential delays and ensure that our projects remain on track,” said Heckmann.

“We appreciate the government’s efforts towards expediting project implementation and ensuring timely delivery of externally and domestically financed projects on the ground,” said World Bank Country Director for Maldives, Nepal, and Sri Lanka Faris Hadad-Zervos.

“We are committed to working together to enhance project performance and prioritise tangible development results for the betterment of the Nepali people, particularly those who are marginalised and vulnerable. Nepal has been able to do this in the past, and there is no reason why we cannot optimise performance again.”

The Ministry of Finance, relevant ministries, implementing and executing agencies, ADB, and the World Bank have agreed on specific actions to overcome the challenges and help project implementation and disbursement pick up pace.