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Kathmandu, Nepal, April 19, 2010
—IFC, a member of the World Bank Group, is partnering with Nepal’s Clean Energy Development Bank Ltd to help the bank increase finance for sustainable energy and energy efficiency projects.
IFC is advising the Clean Energy Development Bank to adopt an approach that will help the bank identify opportunities for renewable energy and energy efficiency financing. IFC’s assistance will include training for staff to improve their skills when evaluating proposals on energy efficiency and renewable energy financing, as well as product development and marketing, and engineering due diligence for energy efficiency projects. The bank also will benefit from IFC’s initiatives in Nepal on energy auditor development, market potential studies, and targeted awareness and training activities related to sustainable energy finance.
Manoj Goyal, CEO of the Clean Energy Development Bank, said, “The energy crisis in Nepal is acute. At the same time, there is a huge potential for renewables in this country. With IFC’s support, we will be able to expand the sustainable energy finance market in Nepal.”
The SouthAsia Enterprise Development Facility, managed by IFC in partnership with the United Kingdom’s Department for International Development and the Norwegian Agency for Development Cooperation, is providing advisory support to the Clean Energy Development Bank and the financial sector to train bankers on energy efficiency and renewable energy financing.
Ian Crosby, Head of the SouthAsia Enterprise Development Facility, said, “Clean Energy Development Bank has pioneered sustainable energy finance initiatives in Nepal. We are excited to be able to support them in promoting renewable energy and energy efficiency projects and manage risks better.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Clean Energy Development Bank
Clean Energy Development Bank Ltd is a national level development bank established under Bank and Financial Institution Act, 2063, with a primary focus on developing clean energy and the hydropower sector in Nepal. In commercial operation since September 2006, the bank has a technical collaboration with Winrock International, an international organization working in Nepal in energy sector, and is supported by USAID. Besides debt financing, the bank offers assistance to the clean energy and hydropower projects by way of private equity and advisory and consulting services. For more information, visit
www.cedbl.com
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