‘Provide easy loans for EV charging stations’

Kathmandu, December 29

Nepal Rastra Bank has directed banks and financial institutions (BFIs) to give priority in issuing loans to establish charging stations for the promotion of electric vehicles (EVs) in the country.

The central bank recently issued a directive to BFIs which has listed establishment of charging stations for EVs as a priority area for disbursing loans as government aims to increase electricity generation and simultaneously increase the use of electric vehicles too.

The directive also states that hydropower is a renewable energy and will play a vital role in the public transport sector, hence BFIs need to accord priority to providing loans for the construction of charging stations.

The government is working with the goal of promoting the use of electric vehicles.

It is aiming to increase the volume of electric vehicles across the country by 30 per cent within the next 10 years. Meanwhile, Nepal Electricity Authority has also initiated the process to construct 50 charging stations in Kathmandu valley and along major highways.

Earlier, the Ministry of Energy, Water Resources and Irrigation had drafted a plan to set up more than 200 EVs charging stations to prioritise electric vehicles to maximise the use of electricity.

On August 29, the ministry had prepared the ‘operational guideline of electric vehicle and establishment of charging stations’. As per the guidelines, NEA will be responsible for giving approvals to set up charging stations, ensure uninterrupted power supply and monitor their security and leakage.

The power utility will also be responsible for determining service charge, testing and authenticating the charging stations, among others.