Minister Ghising emphasized the need to expand investment in the sectors of energy, transportation, waste management, and e-mobility, and said that the government is ready to make legal arrangements.
What you should know
Urban Development Minister Kulman Ghising has said that the Urban Development Fund will be made effective by expanding its jurisdiction.
Taking information about the fund's activities today, he said that it is necessary to expand investment in areas where returns are generated and move the fund forward effectively.
Minister Ghising suggested that the concerned parties invest in the 'e-mobility' sector such as electric vehicles and charging stations.
'This fund, which will be mobilized in partnership with energy, water resources and irrigation, physical infrastructure and transport, and municipalities, can be used to invest in projects such as waste management and energy production. Let's study its feasibility. Now the government is ready to make the necessary legal arrangements to further expand the jurisdiction in which investments should be made and the investment made,' he said.
It is currently in the process of being recognized by the Green Climate Fund and Minister Ghising believes that the fund will receive a large financial grant for investment in green energy-related projects after recognition.
Executive Director of the Fund, Binod Prakash Pandit, informed that the Fund has seven billion equity as its financial resources, five billion 190 million through the Asian Development Bank, 120 million from the World Bank and two billion rupees as loans from the Government of Nepal. He said that the Fund has disbursed loans of Rs 16 billion.
The Fund has been providing financial (loans/grants) and technical assistance to urban infrastructure projects. The Fund is investing in areas such as bus parks, drinking water, land development, and construction of multi-purpose buildings in urban areas. Minister Ghising's secretariat has also discussed on the occasion that the Fund can be mobilized for the reconstruction of buildings in cities damaged due to the recent Gen-G movement.
