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The Asian Infrastructure Investment Bank (AIIB) has made its first investment in Nepal, providing loans of up to US$90 million (€80 million) to finance US$650 million in hydropower projects
.
The Beijing-based bank said it had approved a loan for the Upper Trishuli-1 hydropower project, a 216-megawatt hydropower project that is expected to increase Nepal's power generation by nearly 20 percent
.
The project is co-financed by the International Finance Corporation, the Asian Development Bank and other development institutions with an investment of US$650 million, which means that the project is fully financed by foreign capital and is developed under the build-own-operate-transfer BOOT model, and will sell electricity
to the Nepal Electricity Authority under the power purchase agreement.
The AIIB said it also provided $900,000 in Nepalese funding for the proposed Tamakoshi V hydropower project and $1 million for the proposed power distribution system upgrade and expansion project for its project preparation special fund
.
DJ Pandian, AIIB's Vice President and Chief Information Officer, said: "We recognize that Nepal's power supply shortage has caused significant delays
in the restoration of infrastructure and services affected by the 2015 earthquake.
Investing in hydropower and encouraging further investment in Nepal by encouraging the private sector can help drive economic growth and poverty alleviation
.
”
The Asian Infrastructure Investment Bank (AIIB) has made its first investment in Nepal, providing loans of up to US$90 million (€80 million) to finance US$650 million in hydropower projects
.
The Beijing-based bank said it had approved a loan for the Upper Trishuli-1 hydropower project, a 216-megawatt hydropower project that is expected to increase Nepal's power generation by nearly 20 percent
.
The project is co-financed by the International Finance Corporation, the Asian Development Bank and other development institutions with an investment of US$650 million, which means that the project is fully financed by foreign capital and is developed under the build-own-operate-transfer BOOT model, and will sell electricity
to the Nepal Electricity Authority under the power purchase agreement.
The AIIB said it also provided $900,000 in Nepalese funding for the proposed Tamakoshi V hydropower project and $1 million for the proposed power distribution system upgrade and expansion project for its project preparation special fund
.
DJ Pandian, AIIB's Vice President and Chief Information Officer, said: "We recognize that Nepal's power supply shortage has caused significant delays
in the restoration of infrastructure and services affected by the 2015 earthquake.
Investing in hydropower and encouraging further investment in Nepal by encouraging the private sector can help drive economic growth and poverty alleviation
.
”
