Nepal, China agree to facilitate joint investment in power sector

KATHMANDU - Nepal and China agreed to facilitate joint investment in the power sector during the first meeting of the Nepal-China Joint Implementation Mechanism held here on Friday, said a joint statement issued after the meeting.

The meeting was conducted as a stepping stone to implement the Memorandum of Understanding on Energy Cooperation signed by energy ministers of both countries during the visit of Nepali Prime Minister K.P. Sharma Oli to China in June this year.

According to the joint statement, both sides introduced their power systems, investment prospects, power markets, future plans among others to make both sides familiar with each other's power system.

The joint statement said that during the meeting, possible energy collaboration and the possibility of developing cross-border interconnection were also discussed.

Dinesh Ghimire, spokesperson at Nepal's Ministry of Energy, Water Resources and Irrigation (MoEWRI), told Xinhua on Friday that the two sides agreed to prepare a power system cooperation plan once the competent authorities of the two countries give the go-ahead.

"A joint working group will be formed to prepare the plan." Ghimire said, adding that the plan will also involve the identification and selection of energy projects for joint development.

The Nepali team was led by Anup Kumar Upadhyay, secretary at MoEWRI, while the Chinese delegation was led by He Yang, an official at National Energy Administration of China, according to the joint statement.