Kathmandu : Standard Chartered Bank Nepal Limited (SCBNL) has signed an agreement with Alternative Energy Promotion Centre (AEPC) / Central Renewable Energy Fund (CREF) for Loan Loss Guarantee under Sustainable Energy Challenge Fund for financing in Renewable Energy sectors.

The arrangement is expected to scale up renewable energy financing in the country. Loan loss Guarantee also is expected to ease collateral requirements while obtaining loan for Sustainable initiatives.

This falls under the Nepal Renewable Energy Programme (NREP) and is a joint initiative involving Government of Nepal (with the Alternative Energy Promotion Centre or AEPC) and the British Government (UK-Aid) and allows us a 20% guarantee cover for Loans to eligible Sustainable Energy Challenge Fund (SEFC) projects which includes Renewable Energy projects in Nepal.

The Nepal Renewable Energy Programme (NREP) is dedicated to increasing private sector investment in distributed renewable energy (DRE) and increasing universal energy access, while facilitating a policy, planning, legal construct, and regulatory environment conducive to both enabling and sustaining progress in DRE market development and universal energy access.

During the agreement signing ceremony Anirvan Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Limited (SCBNL), mentioned, “This is just the beginning of Standard Chartered Bank Nepal Limited’s partnership with the Alternative Energy Promotion Centre (AEPC).

Moreover, with ‘Accelerating Zero’ being one of the major strategic Stands of Standard Chartered Bank globally, Nepal is naturally an exciting market, especially with the potential of Sustainable Finance and Renewable Energy.”

Standard Chartered Bank Nepal Limited (SCBNL) also organised the ‘International Conference on Financing for Nepal’ in Kathmandu earlier this year, centred on ideating and discussing possible Innovative Sustainable Finance Instruments, including Blended Finance tools to close the funding gap for Nepal.

Globally, Standard Chartered Bank is committed to expanding the scale and reach of sustainable finance, with plans to mobilise USD300 billion in green and transition finance by the end of this decade.

The Bank has also been making significant efforts to support sustainable economic growth, expand renewables financing, and invest in sustainable infrastructure where it is needed the most.