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Under Nepal's Energy Sector Development Policy Credit Program, the World Bank has reportedly approved $100 million to implement key policy and regulatory and institutional measures
.
This is the first loan
approved by a multilateral lending organization in the country's energy sector.
The fund will be used to enhance the financial viability of the Nepal Electricity Authority as the sole offtaker by establishing a transparent, autonomous and accountable regulatory framework; Encourage electricity trade and restructure NEAs to make it easier for the private sector to compete
in the energy sector.
According to the World Bank, the fund can help seek to integrate into regional electricity markets and create a competitive wholesale market
.
"The proposed credit aims to support restructuring and market reforms in the power sector to improve the governance and performance of power institutions, and ultimately improve the quality and efficiency
of services," said the World Bank's Country Manager for Nepal.
”
While an estimated 95 per cent of the population has access to on-grid and off-grid electricity, the per capita annual electricity consumption of 177 kWh is one-twentieth of the global average and one-fifth of South
Asia's per capita electricity consumption.
Despite its huge hydropower potential, Nepal relies heavily on electricity imports to reduce the country's power shortages, while large export-oriented hydropower projects have yet to materialize
.
"The new credit aims to implement policy and institutional measures to overcome these challenges, help achieve structural reforms in the energy sector, ensure affordable electricity services, and encourage predictability in sustainable investment
," a press release issued by the multilateral institution said.
”
The World Bank currently supports 22 active investment projects in Nepal, and the International Development Association has committed $2.
5 billion
.
:/, please indicate the source for reprinting)
Under Nepal's Energy Sector Development Policy Credit Program, the World Bank has reportedly approved $100 million to implement key policy and regulatory and institutional measures
.
This is the first loan
approved by a multilateral lending organization in the country's energy sector.
The fund will be used to enhance the financial viability of the Nepal Electricity Authority as the sole offtaker by establishing a transparent, autonomous and accountable regulatory framework; Encourage electricity trade and restructure NEAs to make it easier for the private sector to compete
in the energy sector.
According to the World Bank, the fund can help seek to integrate into regional electricity markets and create a competitive wholesale market
.
"The proposed credit aims to support restructuring and market reforms in the power sector to improve the governance and performance of power institutions, and ultimately improve the quality and efficiency
of services," said the World Bank's Country Manager for Nepal.
”
While an estimated 95 per cent of the population has access to on-grid and off-grid electricity, the per capita annual electricity consumption of 177 kWh is one-twentieth of the global average and one-fifth of South
Asia's per capita electricity consumption.
Despite its huge hydropower potential, Nepal relies heavily on electricity imports to reduce the country's power shortages, while large export-oriented hydropower projects have yet to materialize
.
"The new credit aims to implement policy and institutional measures to overcome these challenges, help achieve structural reforms in the energy sector, ensure affordable electricity services, and encourage predictability in sustainable investment
," a press release issued by the multilateral institution said.
”
The World Bank currently supports 22 active investment projects in Nepal, and the International Development Association has committed $2.
5 billion
.
:/, please indicate the source for reprinting)
/
