IFC extends $90,000 grant to MoSTE

International Finance Corporation

Hydropower SustainabilityKATHMANDU, JUN 24 – The International Finance Corporation (IFC) , the World Bank’s private sector arm has provided a grant assistance of US$ 90,000 (approx. nine million rupees) to the Ministry of Science, Technology and Environment (MoSTE) to work towards sustainability of hydropower development in the country.

The grant assistance provided by the IFC will contribute to provide advisory services to increase the sustainability of hydropower development by assisting both the government of Nepal and private sector to promote the adoption of good technical, environment and social international industry practices to reduce the risks for adverse social and environmental impact from hydropower development.

Mahendra Man Gurung, joint secretary at the MoSTE and Mary Porter Peschka, director of IFC, Nepal signed the agreement to this effect on Wednesday, said a press statement issued by MoSTE. According to Gurung, the assistance would be used to upgrade guidelines related to environmental impact assessment, the mandatory process required before developing any developmental projects including hydropower. Likewise, it would also help to enhance capacity of government as well as private sector.

Source : eKantipur