Finance Secretary Madhu K Marasini recently urged the Asian Development Bank (ADB) and other international financial institutions to prioritize financing for coordinated, focused, and tangible climate actions.
These actions should complement existing initiatives while maximizing infrastructure projects that also contribute positively to climate objectives.
Nepal’s focus is on aligning financing with its current projects, improving infrastructure, and addressing climate change in an integrated manner.
Marasini emphasized that Nepal stands at a pivotal juncture for economic growth and prosperity, thanks to political stability. The government is committed to good governance, social justice, and economic well-being.
However, Nepal faces a significant funding gap that cannot be filled solely through public finance. To bridge this gap, attracting private investments is crucial.
The recent investment summit in Kathmandu showcased efforts to draw investments, particularly in sectors where Nepal has a competitive advantage, such as tourism, hydropower, and information technology. Marasini called on the ADB to assist in creating appealing investment opportunities in these areas.
Furthermore, he advocated for increased concessional resources from development partners. Nepal’s innovative approach, known as Green Resilient Inclusive Development (GRID), could serve as a collaborative platform for addressing funding needs.
Marasini also highlighted the importance of deeper economic integration, enhanced connectivity, innovation, and digitalization in South Asia to transform the region into a significant economic zone.
It’s commendable to see Nepal’s commitment to sustainable development and climate action.
