Sunday, 1st March 2015

IFC to extend financial assistance of Rs 600 billion for development of Nepal's hydropower

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Kathmandu, April 15: The International Finance Corporation (IFC) has announced to provide financial assistance equivalent to Rs 600 billion for the development of Nepal's hydropower sector.

At a meeting with Finance Minister Dr Ram Sharan Mahat in the World Bank's headquarters in Washington DC on Monday, IFC's Executive Vice-Chairman and Executive Chief Jin-Yong Cai pledged the financial support worth Rs 600 billion for Nepal's hydropower development, according to Finance Ministry.

The Finance Ministry said that IFC's Executive Vice-Chairman Jin-Yong Cai announced the support after Finance Minister Dr Mahat said that assistance and share investments of multilateral agencies like IFC was appropriate for Nepal's hydropower development.

The IFC has informed to provide the assistance for generation of 3000 megawatt hydropower and construction of transmission line.

The IFC aided hydropower projects would be developed for both internal consumption and exports.

During the meeting with Finance Minister, the IFC high-ranking officials have also expressed their willingness to invest in Nepal's tourism and telecommunications as well.