Prime Minister Balen Shah Meets Asian Development Bank President Masato Kanda

Kathmandu. Prime Minister Balen Shah held a courtesy meeting with Asian Development Bank (ADB) President Masato Kanda. In this courtesy meeting between Prime Minister Shah and ADB President Kanda, in the context of further strengthening the six-decade-long development partnership between the Government of Nepal and ADB, both sides expressed commitment to mutual cooperation.

According to Prime Minister Shah's Press and Research Expert Deepa Dahal, in this courtesy meeting that lasted for half an hour, Prime Minister Shah expressed confidence in making a new leap in Nepal's development through good governance and transparency in the coming days. During the meeting, both sides held positive discussions on advancing hydropower and tourism as the backbone of Nepal's economy, and on cooperation in digitalization and tourist road infrastructure.

During the meeting, President Kanda expressed commitment to further expand development cooperation in Nepal, stating that ADB will continue to be actively involved as a long-term partner for Nepal's economic development and prosperity. He praised the great potential in Nepal's economic sector, the strong mandate, and the youth leadership, reiterating that ADB will always stand with Nepal in its success. He stated that Nepal's youth leadership and commitment to reform are inspiring.

Earlier on Monday, an agreement for a concessional loan of NPR 22 billion, equivalent to USD 165 million, was signed between the Government of Nepal and ADB. This loan agreement was signed in a special program organized at the Ministry of Finance on Monday for two separate projects.

The government aims to utilize this loan assistance from ADB for making the country's customs system technology-friendly. The government plans to reduce trade costs by adopting risk-based inspection and simplified procedures with technological development. Similarly, this agreement is expected to provide significant support in making cross-border trade more systematic and predictable.

The successful implementation of this project is believed to create new employment opportunities within the country and further strengthen Nepal's access to regional value chains.