Kathmandu. The Asian Development Bank (ADB), one of the largest multi-dimensional development partners of Nepal, has been expanding its support to Nepal.

In this context, the ADB has projected its assistance to Nepal to grow to US$ 2.4 billion by 2029.

ADB President Masato Kanda, who is on a two-day visit to Nepal, said: “As Nepal’s largest multi-dimensional development partner, ADB is expanding its support and is expected to reach $2.4 billion by 2029. ”

The financial assistance will be provided to Nepal under ADB’s Country Partnership Strategy 2025-2029. The support will prioritize job creation, private sector development, sustainable infrastructure, public service delivery, resilience, empowerment of women and most vulnerable groups, and digital transformation. In addition, additional resources will be mobilized through new financial instruments such as co-finances and bonds issued in green and local currency.

During his visit to Nepal, the ADB signed two loan agreements totalling US$165 million as part of its annual commitments.

More than 850,000 people will be provided with reliable and safe drinking water and sanitation services through the $115 million project. Similarly, the policy loan of 50 million US dollars would modernize the goods movement system through Nepal’s border points. This will help businesses reduce costs, increase efficiencies, and enhance their competitiveness through digitization and simplified processes. The ADB’s annual loan assistance is expected to reach 660 million US dollars this year.

ADB President Masato Kanda called on Prime Minister Walendra Shah today. The meeting marked the 60th anniversary of ADB-Nepal partnership was held on the occasion of further strengthening ADB’s support to Nepal’s economic transformation, job creation and investment promotion.

On the occasion, President Kanda made an on-site visit of ADB-supported projects and witnessed first-hand the impact of ADB’s support. Minister for Energy, Water Resources and Irrigation Biraj Bhakta Shrestha and Norwegian Ambassador to Nepal Dagny Myos jointly inaugurated two substations that will aid in improving electricity supply in Kathmandu.

Later, Minister for Education and Sports Sasmit Pokhrel along with President Kanda visited the school that was rebuilt after the 2015 earthquake. The project is part of ADB’s investment in disaster risk management and human capital development.

Likewise, during a meeting between Kanda and Finance Minister Dr Swarnim Wagle on Monday, discussions were held on ADB support in improving business environment, investment mobilization and government’s economic growth and resilience priorities.

The President also met with key leaders of the private sector and exchanged views on opportunities and challenges in terms of investment, private sector development and job creation in Nepal.

ADB is the leading multilateral development bank in the Asia and the Pacific region supporting sustainable, inclusive and resilient economic growth. Seeking solutions to complex challenges in partnership with member countries and partners, ADB has been making efforts to transform lives, build quality infrastructure, and protect the planet through innovative financial tools and strategic partnerships. Established in 1966, the ADB has 69 member countries, of which 50 are in the Asia-Pacific region.