Banking News – Prime Minister Balendra Shah has reaffirmed the government’s commitment to addressing the challenges facing Nepal’s construction sector, emphasizing its critical role in economic growth, employment generation, and infrastructure development.

During a meeting with office bearers of the Federation of Contractors’ Associations of Nepal (FCAN) at the Office of the Prime Minister and Council of Ministers on Thursday, Prime Minister Shah discussed issues related to the promotion of the construction industry, infrastructure development, the investment climate, and broader economic reforms.

Addressing the meeting, the Prime Minister said the construction sector is a key pillar of the country’s economy and assured participants that the government is positive about resolving the industry’s longstanding challenges.

Shah also stressed the importance of making the construction industry more transparent, accountable, and results-oriented, while highlighting the need for close cooperation among all stakeholders to ensure development projects are completed within the stipulated timeframe.

Representatives of the Federation of Contractors’ Associations of Nepal informed the Prime Minister about the sector’s major concerns, including delayed payments, contract extensions, contract management issues, timely project implementation, price adjustment mechanisms, and challenges related to banking and investment.

The contractors also emphasized the need to strengthen collaboration between the government and the private sector to revitalize the construction industry.

The meeting was attended by FCAN President Nicholas Pandey, Senior Vice President Mukesh Pant, General Secretary Shivahari Ghimire, Bagmati Province Vice President Bal Krishna Thapa, and former FCAN President and Advisor Jayaram Lamichhane.

Also present were Kumar Byanjankar, Chief Advisor at the Office of the Prime Minister and Council of Ministers, Bibek Mishra, Information and Communications Technology Advisor, and Subash Sharma, Chief Personal Secretary to the Prime Minister.