Embassy of Nepal, London
30 October 2023 – London. The Finance Minister Hon. Dr. Prakash Sharan Mahat addressed a high-level Business Roundtable on Long Term Financing Options for Nepal’s Renewable Energy Growth at Guildhall, London jointly hosted by the Embassy of Nepal and Dolma Impact Fund with the support of Lord Mayor Elect of the City of London Prof. Michale Mainelli. It was attended by major institutional investors, banks and insurance companies.
Hon. Finance Minister shared Nepal’s development priorities and the need for foreign investment for rapid economic growth. He further mentioned that Nepal needs substantial resources to implement big projects, especially in the hydropower sector and looking for all types of long-term financing options. He also outlined the current reforms made by the government to attract foreign investment and the guarantee of profit repatriation, no default on debt payment among others. He also informed that the government had been making necessary legal, policy and institutional arrangements for the development of renewable energy projects, provisions for hedging and initiation of country rating procedures. Ambassador of Nepal to the UK HE Gyan Chandra Acharya in his remarks stated that London as a major financial centre of the world could play an important role in attracting global capital in Nepal’s priority sector including in hydropower as it contributes to reduce GHG emissions not only in Nepal but in the sub-region with an enhanced level of energy trade. Mr. Tim Gocher, Chairman of Dolma Impact Fund, Adeel Ansari from Standard Chartered Bank, Lord Mayor Elect Prof. Michael Mainelli, Mr. Christopher Marks from MUFG led the discussions on different financing options. Mr. Christopher Marks, Managing Director of MUFG, Mr. Dominic Coyne Senior Underwriter for Renewable Energy for Munich Re, Mr. Nick Dunlop shared their views about the global capital markets and how best to attract investment from major institutional investors. They stressed that Nepal can attract institutional investors with right incentives and regulatory and institutional support measures.
Ms. Lesley Craig, Deputy Director from the Foreign Office, Mr. Sandeep Kumar Dev, Joint Secretary from the Ministry of Energy, Water Resources and Irrigation, Deputy Governor of Nepal Rastra Bank, Chandra Prasad Dhakal, President, FNCCI and Mr. Ganesh Karki, President of Independent Power Producers Association also expressed their views on the long-term financing options for Nepal’s renewable energy growth.
Hon. Finance Minister also held a meeting with the Rt. Hon. Baroness Penn, Treasury Lords Minister at the Department of Treasury today. During the meeting, the Minister shared the development priorities of the current government and stressed the need for substantial investment in different sectors particularly renewables. Appreciating the support from the British government in Nepal’s development, he requested for an enhanced level of support in climate finance, which would be critical to accelerate economic growth and transform its economy in the days ahead. Minister Baroness Penn assured of continuous support from the British government in Nepal’s development efforts and outlined some of the support extended by UK in facilitating foreign investment in Nepal.
The Minister also met the representative of Ex-Gurkha organizations at the Embassy and expressed the hope that the ongoing meeting of the bilateral committee on Gurkha issues will be able to address the grievances of the Gurkha veterans.
Hon. Minister addressed the reception organized by the Embassy in his honour in the evening. The reception was attended by British parliamentarians, members of Nepali diaspora and the British friends of Nepal.
Embassy of Nepal, London
30 October 2023
