ADB President Masato Kanda (left) held a one-on-one meeting with Prime Minister Balendra Shah in Singha Durbar on Tuesday.
The Asian Development Bank (ADB) has announced a monumental $2.4 billion financial package through 2029 to turbocharge Nepal’s economic transformation, job creation, and investment climate. The commitment marks a major step forward as the ADB cements its position as Nepal's largest development partner.
The announcement followed a high-level meeting on Tuesday, during which ADB President Masato Kanda congratulated Prime Minister Balendra Shah on his government's recent, powerful democratic mandate.
Affirming his commitment to the nation's new direction, ADB President Kanda expressed strong enthusiasm for the government’s upcoming developmental agenda.
"It was an honor to meet Nepal’s Prime Minister Balen Shah and congratulate him on the strong mandate he has received," ADB President Kanda wrote on X. "I affirmed ADB’s strong commitment to supporting his ambitious reforms towards economic transformation, job creation, and investment. ADB is stepping up as Nepal’s largest development partner, with additional support of $2.4 billion through 2029 to help translate the Prime Minister’s vision into results on the ground."
The multi-billion-dollar funding injection will be deployed over the next three years to translate the Prime Minister's vision into tangible, ground-level outcomes across the country. The assistance package is designed to align with crucial domestic reforms targeting sustainable financial growth and infrastructure modernization.
This latest chapter builds upon six decades of deep-rooted cooperation between the multilateral lender and Nepal. Over the last 60 years, the partnership has endured various periods of hardship and recovery, ultimately delivering pivotal advancements in safer schools, cleaner energy grids, sturdier infrastructure, and enhanced socio-economic opportunities for the population.
Looking toward the future, the ADB highlighted its optimism for an accelerated partnership with the current administration. "I look forward to working closely with the Prime Minister and his government to deliver tangible and lasting progress for the people of Nepal," President Kanda said.
ADB President Kanda arrived on an official visit to Nepal on Sunday night. This is the first time that Prime Minister Shah held a one-on-one meeting with a foreign diplomat. He had previously been meeting foreign diplomats in groups.
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