ADB to provide USD 150 million assistance to Nepal
Kathmandu: Asian Development Bank (ADB) will provide USD 150 million to Nepal to build a 140 MW capacity hydropower plant that would help the country overcome the power crisis.
The Manila-based bank would provide the financial assistance for the USD 500 million project, which will be located around 150 kilometers west from here on the Seti River in Tanahu district, that will generate electricity year round.
"Nepal has an energy crisis, and this is affecting badly economic prospects," said Yongping Zhai, Director, Energy Division in ADB`s South Asia Department.
This energy project is a means to stop this crisis, he added.
"Electricity demand is growing at 10 per cent a year, but due to lack of investment, supplies are not keeping up," he said.
"Blackouts of up to 18 hours a day in the dry season are common, even in the capital Kathmandu. This forces businesses and households to use expensive and polluting diesel generators," ADB said in a statement.
Nepal`s mountain ranges and many swiftly flowing rivers endow it with huge hydropower resources.
However, the country`s total installed power generation capacity is just 700 megawatts - largely from hydropower, which represents only 1.5 per cent of Nepal`s hydropower potential.
To ensure steady supply even during the dry winter months of November through April, the plant will be fed from a 7.26 square kilometer reservoir, making it Nepal`s first major hydropower plant with water storage capacity and a sediment flushing system.
Around 85 per cent of its existing plants use the run of the river to generate power, which makes for lower output during the dry season.
The total cost of the project comes around USD 500 million and will be co-funded by ADB and the Japan International Cooperation Agency lending, the European Investment Bank, and the Abu Dhabi Fund for Development.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: Exiled Kashmiri Pandits share their heart wrenching stories
- Basic ideals of Constitution are in danger: Sonia Gandhi
- PM Modi greets nation on occasion of first Constitution Day
- Indian Army faces shortage of field firing ranges in J&K
- DNA: 7th anniversary of 26/11 attacks, Nation pays homage to martyrs
- Woman commits suicide after heated discussion with husband over Aamir Khan's intolerance remark
- Setback to Kejriwal-led AAP as MLA Akhilesh Tripathi arrested in riot case
- 10 interesting facts about Constitution which every Indian must know
- See pic: Genelia marks son's birthday!
- Bigg Boss, Day 46: Priya Malik urinates inside the car!