Announcement of Nepal Aid Group Meeting on December 3, 1976

\vorldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393~6360 BANK NEWS RELEASE DECEMBER 3, 1976 NEPAL AID GROUP MEETING The following announcement was issued today at the World Bank's office in Tokyo: At the invitation of the Government of Japan, the inaugural meeting of the Nepal Aid Group was held in Tokyo under the chair- manship of the World Bank. Representati'ves of Austria, Canada, Germany, Japan, Switzerland, the United Kingdom, the United States, • the Asian Development ~ank, the International Monetary Fund, and the United Nations Development Programme attended the meeting. A representative from France attended the meeting as an observer. The Nepalese delegation was led by His Excellency Dr. Bhekh B. Thapa, the Minister of Finance~ The Nepalese delegation outlined the development objectives of the Government's current five-year plan and explained the emphasis which the Government places on acceleration of r~0nomic growth through relatively quick yielding projects in agriculture and related activities. While recognizing the importance of aid coordination, the delegation stressed its desire to obtain an increased flow of aid which is necessary to attain an economic • growth rate significantly above the rate of population growth . There was unanimity among the representatives at the meeting in their support of Nepal's development objectives and strategy, I . ..  -2- and the establishment of the Aid Group was welcomed. The Group stated that the invest~~nt project 1 ist, which had been prepared • by His Majesty's Government was helpful in consideration and coordfnatlon of afd actfvttfes. The donors unanimously ex- pressed their interest in Nepal 1 s development efforts and ge~erally Indicated their support for aid on concessional terms. It was agreed that the Group meet at regular intervals. It was further agreed that these meetings be supplemented by meetings in Kathmandu of local donor representatives. Such local meetings would not only deal with coordination of Individual donor involvement in overall development strategy of Nepal, but would also assist in strength- ening the budgetary process as it relates to international aid and In the improvement of sectoral planning and prepartion of new aid activities. • - 0 - •