12 July, 2022
The Nepal Infrastructure Summit 2022 commenced with a keynote address by Ashok Lavasa, Vice President of the Asian Development Bank (ADB), emphasizing the pivotal role of infrastructure in economic growth and resilience. Hosted by the Confederation of Nepalese Industries, the summit convened key stakeholders to explore investment opportunities and foster knowledge exchange under the theme "Infrastructure for Growth."
In his address, Vice President Lavasa underscored the critical need for robust infrastructure investments, citing their potential to spur economic stimulus, particularly amidst post-pandemic recovery efforts. He highlighted the ADB's commitment to supporting Nepal's development through both sovereign and non-sovereign initiatives, with nearly $7.3 billion allocated in financial and technical assistance to date.
The ADB's Country Partnership Strategy 2020-2024 for Nepal focuses on enhancing infrastructure to catalyze private sector-led growth, improving access to decentralized services, and promoting environmental sustainability. Emphasizing the importance of public-private partnerships (PPPs), Lavasa outlined their role in driving innovation, operational efficiency, and capital inflows crucial for delivering cost-effective infrastructure solutions.
Lavasa pointed out specific ADB-supported initiatives in Nepal, including the pioneering Design-Build-Operate PPP irrigation project in the Terai region, aimed at modernizing agricultural practices. This project exemplifies ADB's broader strategy to bolster agriculture, a sector employing a significant portion of Nepal's workforce and contributing substantially to the national GDP.
Moreover, ADB's renewed commitment to climate financing, totaling $100 billion from 2019 to 2030, underscores its support for climate-resilient infrastructure and sustainable development across member countries, including Nepal.
In closing, Vice President Lavasa expressed optimism about further collaboration with Nepal's government across various sectors, leveraging multilateral support to foster impactful PPPs and attract private-sector investments.
The Nepal Infrastructure Summit continues to serve as a pivotal platform for advancing Nepal's development agenda, bolstered by strategic partnerships and commitments towards inclusive and sustainable growth.