Finance Secretary Krishna Hari Baskota and the EIB Vice-President with special responsibility for Asia, Magdalena Álvarez Arza signed the agreement on Monday.
"This is a very significant moment. I am confident this first milestone in the cooperation between Nepal and the EIB will soon result into the implementation of projects, especially in the area of renewable energy and energy infrastructure,” said Arza at the signing ceremony.
With the agreement, Arza said EIB can help Nepal develop further its hydropower potential and improve economic prosperity and quality of life for the Nepalis. [break]
Dr Alexander Spachis, Ambassador, Head of the European Union Delegation to Nepal, stated that the agreement has opened up additional avenues for the government to acquire funds for further pursuing development initiatives on important social, economic and development sectors.
“The agreement is in line with the EU´s recent initiatives designed to assist developing countries in achieving inclusive economic growth, including providing access to sustainable energy to their populations,” he stated.
The EIB finances projects in countries which have concluded cooperation agreements with the European Union. In Asia, the Bank has so far signed Framework Agreements with Bangladesh, China, India, Indonesia, Laos, the Maldives, Mongolia, Pakistan, the Philippines, Sri Lanka, Thailand, Vietnam and Yemen.
Following the signing of the agreement, the EIB vice-president also called on Prime Minister Dr Baburam Bhattarai at his office and discussed the future role of the EIB in supporting Nepal´s sustainable development, reads a press statement of EIB.
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