Nepal govt, World Bank to seal US$100 mln deal this week « Khabarhub
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Nepal govt, World Bank to seal US$100 mln deal this week

22 June 2020  

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KATHMANDU:  The Nepal government and World Bank are inking a deal on the subsidized loan of US$ 100 million this week.

Out of US$ 200 million announced by the World Bank for the infrastructure development for electricity, the Nepal government had received US $100 in 2019.

The World Bank had put forth some conditions stating that the Nepal government should make some amendments to the existing Electricity Act to qualify for the subsidized loan.

The Ministry of Energy, Water Resources and Irrigation has already prepared a draft accordingly. The Council of Ministers has approved it and sent to the parliament.

The Ministry in the provision has allowed hydro projects to run for 40 years as per the demand of the World Bank.

Similarly, the local government can grant permission to the hydro project up to 3 megawatt and up to 20 megawatt by the provincial government as per provision.

In case the company fails to run the project due to financial issues, the government can take over and bring it into operation, as per the provision.

Even though the loan is provided in these terms and conditions, this money will come into the budgetary system of the Finance Ministry. The ministry can spend the money at its will.

Publish Date : 22 June 2020 09:25 AM

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