November 23, 2024 18:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mahayuti routs MVA in Maharashtra, INDIA retains Jharkhand; Priyanka's triumphant poll debut | How can Mahayuti win over 200 seats? Sanjay Raut cries foul over Maharashtra mandate | 'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant
AIIB approves first investment in Nepal

AIIB approves first investment in Nepal

| @indiablooms | 10 Jun 2019, 12:12 pm

Beijing, June 10 (Xinhua/UNI) The Asian Infrastructure Investment Bank (AIIB)'s Board of Directors has approved a loan of up to 90 million US dollars for a hydropower project in Nepal, its first project in the country.

The Upper Trishuli-1 Hydropower Project will increase the country's power generation by almost 20 percent, helping to reduce acute power shortages in Nepal, according to a statement from the multilateral development bank.


The Upper Trishuli-1 Hydropower Project is a 216-megawatt greenfield run-of-river hydropower plant to be developed on the Trishuli river under a build-own-operate-transfer model.


The AIIB has also provided Nepal with 900,000 US dollars for the proposed Tamakoshi V Hydroelectric Project and one million dollars for the proposed Power Distribution System Upgrade and Expansion Project from its Project Preparation Special Fund which provides grants to support the preparation of projects in eligible AIIB members.


"AIIB's investment will provide much-needed, long-term financing for a vital infrastructure project," said AIIB Director General Dong-ik Lee.
"We are confident that our investment will demonstrate the viability of Nepal's sustainable energy sector to other potential private-sector investors," Lee said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos