The Asian Development Bank (ADB) has said that it made significant improvements to its portfolio of loans and grants in Nepal in 2008.

According to a press statement issued by the ADB on Thursday, the bank’s contract awards and disbursement to Nepal reached $145 million and $127 million respectively for 2008. “Additionally, no projects were at risk at the end of 2008, a remarkable level compared to 14 percent in 2007 and 17 percent in 2006,” the release quoted ADB country director Barry J. Hitchcock as saying.

The bank also expressed commitment that it would continue its development
support to the country maximising the opportunities opened by the increased development space.

In 2008, all of ADB’s assistance to Nepal was in the form of grants, with $ 8.0 million approved for the education sector, $ 25 million for information and communication development and $ 106.3 million for local governance and community development. “The portfolio as of 31 December 2008 comprised of 18 loans worth a net $586 million, 10 investment grants worth $332 million, and 33 ongoing technical assistance projects, totaling $ 29 million.”

The bank also launched a new publication titled “Voices from the Field: On the Road to Inclusion”. The publication features wide-ranging feedback from consultations held with Nepalese stakeholders in 2008 as part of a midterm review of ADB’s current partnership strategy which runs until 2009. nepalnews.com nd Feb 5 09