UK Export Finance Commits £2 Billion Investment in Nepal’s Energy Sector, Encouraging British Investors

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The President of the Association of Independent Energy Producers in Nepal, Ganesh Karki, has urged British investors to increase investment in the field of hydropower and other renewable energy in Nepal.

The high-level investment conference organized by the Nepali Embassy in London, with the primary aim of promoting investments in Nepal’s hydropower and renewable energy sector, was addressed by Karki. During the conference, Karki provided information about investment opportunities in Nepal’s energy sector and highlighted the positive role of the Nepali government, encouraging foreign investors to invest in Nepal.

Karki said, “A roadmap for the production of 28,500 megawatts of electricity has been prepared. There are numerous investment opportunities in Nepal. The banking, insurance, and reinsurance sectors also have a significant market. Whether you choose to invest through loans or equity, all options are open. Collaborate with the private sector in Nepal and work together.

Karki also informed that they have established a ‘Help Desk’ to facilitate foreign investors interested in investing in Nepal’s energy sector. Furthermore, Secretary of the Ministry of Energy, Water Resources, and Irrigation, Sandeep Dev, highlighted significant investment opportunities in hydropower projects that are currently under implementation in Nepal’s energy sector.

Dev mentioned the agreements made with India and China for power development and procurement, and he highlighted the need for substantial investments in this sector in the upcoming plans of the Nepali government. Finance Minister Dr. Prakash Sharan Mahat also emphasized the necessity of a significant financial source for Nepal’s prosperity and economic transformation, indicating that domestic sources might not be sufficient, making foreign investment indispensable.

Nepal’s Ambassador to the United Kingdom, Gyan Chandra Acharya, mentioned Nepal’s interest in attracting long-term financial sources from the United Kingdom for investment in renewable energy, information technology, education, and tourism sectors. He also highlighted Nepal’s bilateral agreements with neighboring countries like India for electricity trade and preparations to export electricity to Bangladesh. He emphasized that Nepal aims to not only fulfill its energy needs but also contribute to climate change goals in the South Asian region through hydropower projects.

During the conference, Colin Buckley, Director of British International Investment, and the founder and CEO of Dolma Impact Fund, Tim Gocher, shared their success stories of investments in Nepal, emphasizing that Nepal is a suitable country for responsible investments. Additionally, Tim Ridley, the Chief Executive Officer of UK Export Finance, revealed that UK Export Finance is prepared to invest up to 1.5 billion pounds (approximately 242 billion Nepalese Rupees) in various sectors of Nepal.

The conference, held on the occasion of the completion of 100 years of the Nepal-United Kingdom Friendship Treaty, saw the participation of various dignitaries, including the Chairperson of Ippan, Karki, Vice-Chair Uttam Blown, and consultant Batu Lamichhane. Additionally, representatives from the Ministry of Energy, the Ministry of Finance, and professionals, entrepreneurs, and intellectuals from various sectors also took part in the conference.

source: Nepal Purbhadhar