AIIB approves $112.3 million loan for rural electrification project

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, December 22

The Asian Infrastructure Bank (AIIB)’s board of directors has approved a $12.3 million to Nepal to increase access and improve the quality and efficiency of electricity supply across Province 5 and Karnali Province.

Issuing a statement on Friday, AIIB has mentioned that the loan will help the population in the aforementioned provinces to access grid electricity. AIIB has indicated that there is a large regional disparity on electricity access in rural areas. “The rural and hilly areas of western Nepal are the least connected, requiring substantial investments in distribution networks.”

The ‘Distribution Upgrade and Expansion Project’ is AIIB’s first sovereign-backed financing project in Nepal. This is also the first project approved, of which AIIB’s technical assistance under the special fund has supported compressive project preparation from the very early stage.

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