Press Release

Press Release


Today, a Nepali Delegation led by Honorable Hari Raj Khewa Limbu, State Minister of Finance met with His Excellency Mr. Yousef Ibrahim Al-Bassam, Vice Chairman and Managing Director, Saudi Fund for Development (SFD) in Riyadh. At the meeting, the Honorable State Minister recalled the recent meeting of honorable Finance Minister of Nepal with HE Dr. Sulyman Al-Turkey, Deputy Minister for International Finance Affairs. He expressed appreciation for Saudi Fund's continuous support to Nepal's economic development and highlighted the need of higher level of support from the Saudi Fund in various projects in the future.

During the Meeting, some of the projects were discussed in the areas of hydropower, irrigation, vocational training and others. The Vice President of Saudi Fund has committed about USD 125 million concessional loan in financing these projects. The details will be worked out immediately from the both sides. Saudi Development Fund will invest directly and also in co – financing arrangements with other development partners and the government. The meeting also reviewed the progress of on-going project supported by Saudi Development Fund in Nepal.

During the meeting, Finance Secretary Mr. Krishna Hari Baskota highlighted the current macro – economic situation of Nepal and HE Ambassador Udaya Raj Pandey explained about the potentialities of Saudi private sector's investment in agriculture, tourism, hydropower, among others.

The delegation comprises of Finance Secretary Mr. Krishna Hari Baskota, Ambassador of Nepal to Saudi Arabia HE. Udaya Raj Pandey, Under Secretary of Ministry of Finance, Mr. Kailash Raj Pokharel and Senior Officials from Embassy of Nepal, Riyadh.


Embassy of Nepal
Riyadh
1 April 2012
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