Finance Minister Dr. Mahat Discusses Investment in Renewable Energy with British Treasury Minister Baroness Penn

Kathmandu, October 31, 2023: Finance Minister Dr. Prakash Sharan Mahat engaged in a productive meeting with the British Treasury Lords Minister Baroness Penn at the Treasury Office in London, the United Kingdom, on Monday. The discussion focused on bolstering cooperation between the two nations in various economic and environmental sectors.

During the meeting, Finance Minister Mahat emphasized the importance of British investment in Nepal’s renewable energy sector. Acknowledging the United Kingdom’s significant role as a development partner to Nepal, he encouraged long-term financing support in green energy initiatives. Additionally, he stressed the need for increased British investment to mitigate the impact of climate change in Nepal.

The Finance Minister’s Secretariat noted his request for these collaborative efforts during the meeting.

Baroness Penn affirmed Britain’s commitment to supporting Nepal in its economic development journey. She emphasized the British government’s dedication to “green finance” initiatives and expressed that the British private sector would be encouraged to boost investments in Nepal’s green energy sector.

The meeting witnessed the presence of Ambassador of Nepal to the UK, Gyan Chandra Acharya, and Deputy Chief of Mission Roshan Khanal, who added to the discussion on enhancing bilateral cooperation.

Finance Minister Mahat’s visit to London is in connection with attending a high-level conference on investment in Nepal, organized by the Embassy of Nepal, London. The conference provides a platform for exploring opportunities for investment and development in Nepal.

On Monday, as part of his visit, Finance Minister Mahat participated in an interaction on sustainable finance alternatives for the development of renewable energy in Nepal. The event, conducted under the auspices of the Dolma Foundation and organized by the Embassy of Nepal, aimed to foster discussions and collaborations in this crucial sector.

During the interaction, Finance Minister Mahat assured attendees of the Government of Nepal’s commitment to ensuring the security of foreign investments in Nepal. He emphasized the government’s ongoing efforts to streamline the process for the repatriation of profits from foreign investments. Furthermore, he shared that the country credit rating process has been initiated as a step toward improving the investment climate in Nepal.

The fruitful discussions between the finance minister and the British Treasury Minister reflect the shared commitment to fostering economic growth and environmental sustainability in Nepal through international cooperation and investment.