Clean Energy Development Bank (CEDB) has been recognised as one of the 25 most progressive banks of the world and becomes the only bank from Nepal and third from Asia to join the Global Alliance for Banking on Values.
The Global Alliance for Banking on Values is an independent network of banks using finance to deliver sustainable development for underserved people, communities and the environment.
All the members of the alliance strongly adhere to the principles of sustainable banking and have a shared commitment to find global solutions to international problems and promote a positive, viable alternative to the current financial system.
The members believe in improving the quality of life for everyone in the planet, recognising that banks are economically interdependent and responsible to current and future generations.
Clean Energy Development Bank is the only private sector specialised bank in the country for energy financing and has FMO, one of the largest bilateral banks in Europe, as its joint venture partner.
Since its establishment in 2006, CEDB has made loan commitments to promote 26 hydropower projects out of which three hydropower projects with total installed capacity of 20 MW are already in operation and eight projects with total capacity of 35 MW are under construction.
Similarly, 15 additional hydro projects with installed capacity of 100 MW are in the pipeline. Once completed, the total contribution of these projects in Integrated National Power System will be 20 per cent, the bank said, adding that through its subsidiary — CEDB Hydro Fund — CEDB is developing five hydropower projects with total capacity of 37 MW.
The bank has also been playing a pivotal role in making banking accessible to woman entrepreneurs and the people in remote Nepal with minimal presence of financial institutions, it said. It has already been awarded the 'Best Development Bank Award – 2010' for its contribution to the development of the economy and 'Best Presented Accounts Award – 2011' for its transparent banking practice.
"Focusing on sustainable outcomes is good for communities, environment, generations that are yet to come, and the long-term strength of our institution," says the bank's general manager Barsha Shrestha. "We believe banking is about more than just profits," she said, adding that the bank has a singular focus on creating an energy efficient future that connects and empowers its customers. "The bank has been able to become the leading bank in promoting renewable and sustainable energy financing in Nepal."
We are more concerned about mobilising banking resources to strengthen the real economy and have been the first private sector bank in the country to promote woman entrepreneurs, she added.