The World Bank (WB) has shown interest to invest in hydropower generation and transmission line development in Nepal.
During a meeting with the finance minister Barsha Man Pun here today at his office, representatives of the World Bank said that the multilateral donor is interested in investing in hydropower in Nepal. "There is no alternative to hydropower development — the engine of growth — for the overall development of Nepal," they said.
The finance minister briefed the representatives that the government is planning to attract $1 billion in next six months and has focused on hydropwer, tourism, agriculture and infrastructure development for the economic growth and employment generation.
"The government is committed to create investment friendly environment and working hard to attract foreign direct investment," he said, asking the World Bank to invest in Nepal.
The government is ready to hold discussions with World Bank before and after approving the projects and is ready to solve problems that the donor might face during the execution, he added. "Energy crisis is not limited to a country as it is a regional issue and the SAARC finance minister's meeting in Dhaka last week also discussed on it."
Despite huge potential of hydropower generation, the country has been suffering from 14-hour of scheduled load shedding.
The World Bank has, earlier in July 2011, provided $99m to implement the Nepal India Electricity Transmission and Trade Project as transmission line is yet another bottleneck in developing hydropower and its trade with India.
When World Bank funding for Arun III was withdrawn in 1995, its programme was thrown into disarray and Nepal remains a net power importer to this day.
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