Nov 20, 2018
A high-level team from the world’s largest international public bank, European Investment Bank (EIB), is arriving in Kathmandu to discuss its support for Nepal’s energy, transport and forestry sectors with political and business leaders.
The delegation, led by Andrew McDowell, vice-president of the EIB responsible for South Asia and global energy activity, will make a four-day visit to Nepal at the start of a South Asian tour this week, the bank said in a statement. The EIB team will also attend the groundbreaking ceremony for the Chilime-Trishuli transmission line.
Before departing for Nepal, McDowell said, “Nepal has shown how investment in renewable energy can both transform access to electricity and harness clean power sources to benefit rural communities. The European Investment Bank is committed to supporting transformational climate related investment across Asia, and my team and I look forward to discussing how the European Union’s Bank can strengthen engagement in Nepal in the years ahead.”
“The European Union and Nepal recognise the challenges of a changing climate and the importance of new climate related investment, he said. This week’s visit by Vice-President McDowell and colleagues from the European Investment Bank, the EU Bank, will allow future investment to be considered and recent support for rural electrification in Trishuli to be seen at first hand.” said Veronica Cody, ambassador and head of the European Union delegation to Nepal.
The EIB is the world’s largest international public bank, and is owned directly by the 28 European Union member states. The bank supports investment in 160 countries worldwide, and its activity in Asia focuses on support for climate related investment.
While in Nepal, Vice-President McDowell will meet Prime Minister Khadga Prasad Oli and government ministers, diplomats and business representatives to discuss future EIB engagement in Nepal.
He will also attend a groundbreaking ceremony to formally mark the start of the construction of the Chilime-Trishuli transmission line by the Nepal Electricity Authority. The project is part financed by the EIB under its largest single project in Nepal.
The EIB has provided more than 190 million euros for energy investment across Nepal over the last five years.
Source: The Kathmandu Post