MoSTE, Global IME join hands

KATHMANDU, Jan 10 :

Ministry of Science Technology and Environment (MoSTE) and Global IME Bank Ltd have signed an agreement for authorizing Global IME Bank Ltd as the ´handling bank´ under the financial intermediation mechanism devised for the promotion of alternative energy in Nepal.

 The two sides signed an agreement to this effect at a ceremony held at the ministry on Friday.

The financial intermediation mechanism utilizes a basket fund named ´Central Renewable Energy Fund (CREF) which has contribution from the Government of Nepal, DANIDA, DfID, KfW, GiZ,UNDP,SNV, World Bank, Asian Development Bank and UNCDF under the mediation of the Alternative Energy Promotion Centre (AEPC) under the National Rural and Renewable Energy Program (NRREP).

According to a statement issued by the bank, the fund will be channelized through Global IME Bank in coordination with the CREF Secretariat and other banks and financial institutions to reach the targeted individual and institutional beneficiaries in the areas of solar, micro hydro, biogas, biomass and wind energy technologies

Source: Republica