Nepal | September 26, 2020

SDF begins funding infrastructure

Himalayan News Service
Share Now:

Kathmandu, March 22

SAARC Development Fund has activated its Infrastructure Window by approving two important infrastructure projects in the energy sector in this region.

Sunil Motiwal, chief executive officer of SDF, provided details of the projects approved in principle during the SDF Board of Directors meeting held from March 18 to March 19 in Thimphu, Bhutan. Motiwal informed that SDF Board had in-principle approved one waste-to-energy project in Sri Lanka and another hydropower project in Nepal under its Infrastructure Window.

According to a report released by the Thimpu-based SDF,  the hydropower project in Nepal is of a 900 MW installed capacity to be developed on run-off-river scheme. The project will harness abundant availability of water in Nepal for electricity generation. The electricity generated out of the project is proposed to be supplied to the grids in Nepal, Bangladesh and India and will provide energy connectivity to three SAARC member states — Nepal, Bangladesh and India.

The project is poised to address critical issue of power demand, especially in the summer months in the region. The project is estimated to cost more than USD 1.4 billion with SDF credit exposure up to USD 15 million. The project is being developed by an energy company of India. The project will achieve the development goals by meeting the energy demands of the region, creating opportunities for employment and economic growth in Nepal, SDF said.

Motiwal expressed confidence that the projects would help SDF achieve its development goals in the region and promote welfare and prosperity of the people in the SAARC region. He emphasised that SDF shall work tirelessly to achieve its mandate of promoting the welfare of the people, improving their quality of life and accelerating economic growth, social progress and poverty alleviation in the SAARC region. He also informed that SDF was currently considering some bankable cross-border regional connectivity projects in renewable energy, transport, telecom and information technology and communication under the Economic and Infrastructure Windows of SDF.

SDF was established by the Heads of the eight SAARC member states in 2010 with the aim of promoting the welfare of the people of SAARC region, improving their quality of life, and accelerating economic growth, social progress and poverty alleviation in the region.  The fund serves as the umbrella financial institution for SAARC projects and programmes.

 


A version of this article appears in print on March 23, 2018 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Perfection of Wisdom: Sacred texts of 'Pragya Paramita' inscribed in gold

KATHMANDU, SEPTEMBER 25 The holy book of 'Pragya Paramita' (Perfection of Wisdom) being inscribed in golden letters by guthi members for its preservation at the Golden Temple in Lalitpur on September 24, 2020. Thursday. The holy book contains transcriptions of Buddhist scriptures and is rewritten Read More...

Europe, UEFA

De Bruyne, Lewandowski, Neuer on UEFA player of the year shortlist

Kevin De Bruyne, Robert Lewandowski and Manuel Neuer have been short-listed for the UEFA men's Player of the Year award, European football's governing body said on Wednesday. Lewandowski guided Bayern Munich to their sixth Champions League title, finishing as the competition's top scorer with Read More...

COVID-19 pushes more children into poverty

KATHMANDU, SEPTEMBER 24 The number of children living in multi-dimensional poverty has soared to approximately 1.2 billion due to the impact of the COVID-19 pandemic, according to a new analysis published by UNICEF and Save the Children today. This is a 15 per cent increase in the number of ch Read More...

One buried to death, five missing in landslides

BHAIRAHAWA, SEPTEMBER 24 One person died and five others went missing in landslides at different places in Palpa this morning. In Surangdanda, ward 2 of Rambha Rural Municipality, Motisara Gaha, 27, died when a landslide buried his home. Similarly, in Phoksingkot of the same ward, five persons Read More...

In-person classes start in Sudurpaschim

DHANGADI, SEPTEMBER 24 Schools, which had remained shut for long due to the coronavirus pandemic, have started in-person classes in different districts of Sudurpaschim Province. The schools were closed for the last six months after the government imposed nationwide lockdown to stop the virus s Read More...

Students of public schools deprived of education

KATHMANDU, SEPTEMBER 24 Hundreds of students, mostly from public schools, across the country continue to be deprived of education due to lack of their access to electronic mediums like the internet, television and radio. The Ministry of Education has been encouraging educational institutions t Read More...

SAARC Council of Ministers holds virtual meeting

KATHMANDU, SEPTEMBER 24 Minister of Foreign Affairs Pradeep Kumar Gyawali urged member states of South Asian Association for Regional Cooperation to explore all viable options to hold the 19th SAARC Summit. Delivering his opening remarks at an informal meeting of the SAARC Council of Ministers Read More...