World Bank projects to be executed on fast track

By A Staff Reporter

Kathmandu, Nov. 7: A high-level meeting of the stakeholders including the Ministry of Finance (MoF) has decided to complete the preparations for five major projects (worth about Rs. 72 billion) in Nepal supported by the World Bank on the fast track. 

It includes the preparedness of the projects of the Bagmati-Pathlaiya section of the East-West Highway, upgrade and maintenance of bridges, and modernisation of the electricity distribution system.

The meeting also decided to expedite preliminary preparations for the third phase of the Ranijamara Kulariya Irrigation Project and the Digital Services Transformation Project for Enhancing Accessibility and Resilience. 

These projects will be executed under concessional financing from the World Bank. Relevant ministries will engage with stakeholders to complete the necessary groundwork while the MoF will facilitate the process. The decision targets the finalisation of all preparatory steps by February 2025. 

The MoF has the plan to submit the project proposals at the World Bank’s Board meeting in March 2025.

Deputy Prime Minister and Finance Minister, Bishnu Prasad Paudel, said that there is a need for meticulous project preparation, and urged for swift action upon project approval. 

He stated that Nepal will accept financial support as per its need and direct investment towards areas promising maximum returns.

The meeting was attended by senior officials including from the MoF, Ministry of Physical Infrastructure and Transport, Ministry of Energy, Water Resources and Irrigation, and the Ministry of Communications and Information Technology.