Mr. Karan Shrestha

In a recent meeting, a framework agreement was signed between the Government of Nepal (GoN) and European Investment Bank (EIB) where the European Union's long-term financing institution can start financing capital investments in Nepal. An agreement was successfully signed between Mr. Krishna Hari Baskota, secretary of the Ministry of Finance of GoN and Magdalena Álvarez Arza, the EIB Vice-President with special responsibility for the Bank’s activities in Asia.

Finance Secretary assured that this agreement will provide Nepal with a basis for sufficient financing at low cost and create a conducive environment for foreign investment in different projects such as infrastructure development, energy, sustainable environment and many more. He further added, “We are confident that this venture will help Nepal to achieve sustainable and inclusive economic development. Let us hope that this collaboration will grow further in the days to come.”
Following the signing, Prime Minister, Dr. Baburam Bhattarai at Singhadurbar and the EIB Vice-President in a meeting, discussed the future role of the EIB in supporting Nepal's sustainable development in Nepal.  Where, the EIB Vice-President emphasized the importance of this Framework Agreement at this very significant moment in Nepal's recent history. He stated “I am confident that this first milestone in the cooperation between Nepal and the EIB will soon result in the implementation of projects, especially in the areas of renewable energy and energy infrastructure. This will help Nepal develop its huge hydropower potential and improve economic prosperity and quality of life for the Nepalese people.”
Dr. Alexander Spachis, Ambassador, Head of the European Union Delegation to Nepal, also welcomed the agreement. He expressed optimism that it would open up additional avenues for the Government of Nepal to acquire funds for pursuing development initiatives in important social, economic and development sectors. He also stressed that the agreement was in line with the European Union's recent initiatives to assist developing countries in achieving inclusive economic growth, including providing access to sustainable energy for their populations.

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