November 19: A high-level delegation of European Development Bank is preparing to visit Nepal this week to discuss about investing in renewable and clean energy.

Issuing a joint the bank and the European Union said that Andrew McDowell, vice president of the European Investment Bank responsible for South Asia and global energy activity, accompanied by a high-level delegation, will make a four-day visit to Nepal at the start of a South Asia regional visit this week.

“Nepal has shown how investment in renewable energy can both transform access to electricity and harness clean power sources to benefit rural communities. The European Investment Bank is committed to supporting transformational climate related investment across Asia and my team and I look forward to discussing how the European Union’s Bank can strengthen engagement in Nepal in the years ahead,” the statement quoted McDowell as saying.

During his visit, McDowell will meet Prime Minister KP Oli and other ministers, diplomats and business representatives to discuss future European Investment Bank engagement in Nepal.

He will also attend a ground-breaking ceremony to formally mark the start of construction of the Chilime-Trishuli transmission line by the Nepal Electricity Authority. The project is partly financed by the European Investment Bank under its largest single project in Nepal.

The European Investment Bank, which is owned directly by the 28 European Union member states, supports investment in 160 countries worldwide and activity in Asia focuses on support for climate related investment.

The European Investment Bank has provided more than 190 million euros for energy investment across Nepal over the last five years.

“The European Union and Nepal recognise the challenges of a changing climate and the importance of new climate related investment. This week’s visit by the delegation from the European Investment Bank, the EU Bank, will allow future investment to be considered and recent support for rural electrification in Trishuli to be seen at first hand,” said Veronica Cody, ambassador and head of the European Union Delegation to Nepal.