Finance Minister Wagle seeks U. S. resources for reconstruction and infrastructure investment
Kathmandu. Finance Minister Dr. Swarnim Wagle has arrived in the United States with an agenda to mobilize additional external aid for the reconstruction of damaged infrastructure in the Bhotekoshi region and to bring in American private investment in Nepal’s road and electricity transmission infrastructure. Swarnim Wagle has arrived in the United States.
Wagle arrived in the United States last night leading a two-member delegation. He was welcomed in Washington DC by Charge d’ Affaires Sharad Raj Aran and officials of the Nepali Embassy. During his visit to the United States, Wagle will meet US Secretary of the Treasury Scott Besant and World Bank Group President Ajay Banga on Monday. During the meeting, discussions will be held on expanding financial support to Nepal, mobilizing resources for reconstruction, exiting the FATF ‘grey list’ and macroeconomic reforms. During the visit, priority will be given to mobilizing additional assistance for the reconstruction of physical and economic infrastructures damaged by the recent floods in the Bhotekoshi region. Discussions will be held with the representatives of the World Bank and the US government on mobilizing the necessary resources for the reconstruction and developing resilient infrastructure to reduce the damage caused by future disasters.
The government is looking to mobilize additional financial assistance from development partners at a time when it seems that a large amount of resources will be required to rebuild the already damaged infrastructure.
US private capital sought in infrastructure
Another important economic agenda of Wagle’s visit is to attract private investment in Nepal’s infrastructure projects. The government aims to increase investment in infrastructure, including roads, power transmission lines, and expand employment and economic activity. For this, efforts will be taken to mobilize US private sector capital in collaboration with development partners.
During this time, Wagle will meet with the top officials of the US International Development Finance Corporation (DFC) and leading investors from the private sector. They will discuss the possibilities of investment in Nepal’s infrastructure and productive sectors and investment facilitation.
FATF and economic reforms will also be discussed
The process of taking Nepal out of the ‘grey list’ of FATF will also be taken up in the meeting with the US Finance Minister and the President of the World Bank Group. The issues related to financial system reform will also be linked to the foreign investment climate in Nepal and it will be taken forward by linking it to economic partnership. Similarly, comprehensive economic reforms and expansion of Nepal-US economic cooperation will also be discussed.
The Finance Minister’s visit to the US has focused on two economic agendas of seeking assistance for the reconstruction of the Bhotekoshi in the immediate past and attracting private capital in infrastructure such as roads and electricity transmission in the long term.
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