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Kathmandu, Nepal, April 6, 2014
–IFC, a member of the World Bank Group is working with Nepal’s Clean Energy Development Bank (CEDB) to assist Gokarna Forest Resort implement energy and water saving measures and adopt a clean, green growth path.
Advised by IFC, the CEDB-funded Gokarna Forest Resort implemented a range of environment-led initiatives, including an integrated thermal system, energy-efficient lighting, and improved water management practices. The 700-acre resort’s successful use of key industry best practices reduced energy costs by 34 percent, and resulted in annual savings of $75,000 (Nepalese rupees 7.41 million).
Nepal’s industrial growth is heavily dependent on petroleum imports. The SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK Department for International Development and the Norwegian Agency for Development Cooperation, is helping CEDB build capacity and launch financial products for clean, resource-efficient projects. Innovative, energy-driven financial products can support the local industry transition to sustainable energy practices and lower operation costs.
Building on the success of Gokarna, Barsha Shrestha, Deputy CEO, CEDB said, “CEDB will expand its portfolio of energy projects and replicate this sustainable energy financing scheme in other energy intensive sectors as well.”
Reaffirming IFC’s commitment to promoting clean energy financing and advisory services, Kyle F Kelhofer, IFC Country Manager, said,
“Projects such as Gokarna can help Nepal realize its true potential in energy efficiency. Innovative financing is key to enable local industry realize the benefits of sustainable energy practices and minimize dependence on expensive energy imports.
As a continuing initiative, stakeholders were invited to be a part of an IFC workshop that discussed learnings from the Gorkarna Project and how sustainable energy financing products could be replicated in Nepal.
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
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