Finance Minister Barshaman Pun has urged World Bank officials to increase investment in Nepal.

Minister Pun, currently on a visit to the US, met with World Bank Vice Presidents Akihiko Nishio and Guangzhe Chen, urging them to explore new investment opportunities in Nepal.

Their discussions were focused on the upcoming IDA Replenishment Meeting to be hosted by Nepal in June this year, and Nepal’s Green, Resilient, and Inclusive Development (GRID) development approach, among others, said the Embassy of Nepal in Washington DC on Wednesday.

“In a separate meeting with VP Chen, Finance Minister Pun discussed the Bank’s financing for the Upper Arun Hydro Project,” said the embassy.

According to the embassy, the minister also met with Vice President of International Finance Corporation (IFC) Ricardo Puliti. “And discussed about increasing IFC’s investment in Nepal which could reach up to US$ 650 million in the next investment cycle,” the Nepal embassy said.

Minister Pun’s secretariat said the minister expressed gratitude to Akihiko for approving Nepal’s proposal to host the International Development Association (IDA)-21 meeting in Kathmandu in June. He asked the vice-president to find more areas of investment in Nepal through subsidised loans or grants.

Minister Pun highlighted that the International Development Association could serve as a dependable platform for developing nations like Nepal. He emphasised Nepal’s notable achievements in telecommunications, transportation, and clean energy over the past decade, stating that they are accomplishments deserving of global recognition.

During his meeting with Vice-President Guangzhe, Minister Pun emphasised that Nepal has prioritised the development of physical infrastructure. He said the government has prioritised projects in the energy, transportation, and urban infrastructure sectors. Minister Pun also mentioned Nepal’s efforts to secure a regional market for hydroelectricity. He said India has committed to importing 10,000 megawatts of electricity from Nepal over the next 10 years, and noted that Bangladesh has initiated the process of purchasing electricity from Nepal as well.

During the meeting with International Finance Corporation Vice President Riccardo Puliti, Minister Pun conveyed his confidence that the collaboration between IFC and Nepal will continue to strengthen and deepen in the days ahead.

Minister Pun acknowledged the longstanding five-decade partnership between Nepal and IFC, praising IFC's assistance in bolstering the private sector as part of Nepal's economic development initiatives and capital management.

During the meeting, interacting with the US businessmen and government officials, the minister shed light on the Third Nepal Investment Summit to be held in Kathmandu from 28-29 April. Nepal’s Ambassador to the US Sridhar Khatri and USAID Deputy Assistant Administrator Anjali Kaur also addressed the programme which was attended by representatives of major American companies such as Meta, MetLife Insurance, Coca-Cola, Tata Group and Disney, said the embassy.

The minister departed for the US on Monday to attend a joint meeting of the World Bank and the International Monetary Fund.