ADB to provide US $932 million to Nepal in 2022

Kathmandu / Mar. 15: The Asian Development Bank (ADB) is injecting US $ 932 million in 2022 in Nepal – around four-folds of the amount disbursed in 2021.

According to the ADB, it disbursed USD 272.9 million in 2021. Of the amount, the multilateral donor organization provided USD 165 for vaccine loan to the landlocked country.

Issuing a press release, the ADB said the projected amount of USD 932 million to be funded for 2022 will be disbursed depending on the readiness that can be achieved under nine pipeline projects being considered for signing this year.

As of 2021 end, the ADB’s active portfolio stood at US $ 3.4 billion in its 30 investment projects. Of the projects, 66 percent have been contracted out while the fund was disbursed for 42 percent of the projects. The contract award achievement in 2021 showed improvement compared to those in 2020.

Since the start of its operations in Nepal in 1969, the ADB has provided about $7.3 billion in financial and technical assistance to the country. The assistance focuses on infrastructure, including water supply and urban infrastructure, energy, and transport; agriculture, natural resources and rural development; education, including earthquake reconstruction; finance; and support for COVID-19 vaccine procurement this year.

Meanwhile, Finance Minister Janardan Sharma on Tuesday urged the ADB to focus also on technology transfer while issuing loans for Nepal. In the country portfolio review meeting organized jointly by the government and the ADB, Minister Sharma said innovative technologies could help implement the projects in a rewarding manner that will enable the country also to pay the loans back on time.