World Bank may help Nepal in hydropower generation: FinMin

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    wbankKATHMANDU, Oct 14 : Finance Minister Ram Sharan Mahat on Tuesday said he was hopeful that the World Bank (WB) would make a U-turn in its policy and start supporting Nepal in hydropower generation.

    In a statement issued by the finance ministry, Mahat said he found the World Bank positive for the development of hydropower in Nepal.

    Mahat returned to Kathmandu on Monday after attending the annual meeting of the World Bank in Washington DC.

    “The WB investment will take Nepal´s infrastructure and energy sectors to a new height,” the statement quoted Mahat as saying.

    WB has not invested in Nepal for more than two decades.

    Minister Mahat also said WB and the International Monetary Fund (IMF) have lauded Nepal-India Power Trade Agreement and a Project Development Agreement for Upper Karnali Hydropower Project. He also said he was hopeful of the mobilization of Rs 7 billion from the World Bank Group in Nepal.

    Mahat also requested WB not to cut grants being provided to Nepal, arguing that Nepal is still passing through a transitional phase.

    WB has cited Nepal´s improvement in debt distress risk but is yet to decide formally about such cut.

    Source : Republica