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<img alt="Karin Finkelston,International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific." src="/userfiles/images/4a.jpg" style="float: right; margin: 0px 10px 0px 0px; width: 225px; height: 265px;" /></div>
<div>
<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
<div>
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<div>
<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
<div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
<div>
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<div>
<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
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<div>
</div>
<div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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‘Local Currency Funds Are Important For Private Sector Development’
4 min 54 sec to read
Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. Excerpt:
What is IFC’s overall strategy in South Asia?
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention.
To meet these challenges, IFC’s strategy for South Asia is three-pronged:
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure;
Addressing climate change impact through adaptation and mitigation measures; and
Promoting regional and global integration including South- South investments and trade finance.
As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs.
The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard?
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent.
How have you supported the private sector in other areas and businesses?
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change.
IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well.
What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds?
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure.
There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal?
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.
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<div>
<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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<img alt="Karin Finkelston,International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific." src="/userfiles/images/4a.jpg" style="float: right; margin: 0px 10px 0px 0px; width: 225px; height: 265px;" /></div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
<div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
<div>
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<span style="font-size:14px;">Karin Finkelston is International Finance Cooperation’s (IFC’s) first Vice President for Asia- Pacific. Her responsibilities include overseeing IFC’s investment and advisory programmes as well as maintaining relationships with key government and private sector partners in the region. Recently, she visited Nepal and spoke to Siromani Dhungana of The Corporate. <strong>Excerpt: </strong></span></div>
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<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
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<div>
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To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
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<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
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</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
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<div>
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<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
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<div>
</div>
<div>
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<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
<div>
</div>
<div>
To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
<ul>
<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
<div>
</div>
<div>
<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
<div>
</div>
<div>
In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
<div>
</div>
<div>
<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
<div>
</div>
<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
<div>
</div>
<div>
<strong>How have you supported the private sector in other areas and businesses? </strong></div>
<div>
</div>
<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
<div>
</div>
<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
<div>
</div>
<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
<div>
</div>
<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
<div>
</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
<div>
</div>
<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
<div>
</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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<div>
</div>
<div>
<strong>What is IFC’s overall strategy in South Asia? </strong></div>
<div>
</div>
<div>
South Asia is where the world’s poorest live in large numbers. Our mission is to create opportunity where needs are greatest and most relevant in this region. With many countries in the region facing development challenges and severe climate change impact amid political transition, this is a defining moment to make meaningful intervention. </div>
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To meet these challenges, IFC’s strategy for South Asia is three-pronged: </div>
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<li>
Achieving inclusive growth, including support for frontier regions through increased access to infrastructure; </li>
<li>
Addressing climate change impact through adaptation and mitigation measures; and </li>
<li>
Promoting regional and global integration including South- South investments and trade finance. </li>
</ul>
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<strong>As Asia Vice President for IFC, how do you think IFC can help countries like Nepal in their development agenda?</strong></div>
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In my role as VP for Asia, I see the similarities and differences in context and also the potentials – picking up lessons and learning from other countries is invaluable. Nepal, for example, needs to meet the most important aspects of providing electricity to its people and industry and jobs to its youth. Nepal’s immense hydropower potential positions it well to respond to these needs. </div>
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<strong>The needs in infrastructure, especially in energy can be met by harnessing the country’s hydro potential. What are IFC’s plans in this regard? </strong></div>
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<div>
Nepal’s hydropower potential of about 84,000 MW is enough to meet about 3 percent of the global demand for power if the potential is fully realized. So far only about 686 MW is developed whereas the total installed capacity is 740 MW. The International Bank for Reconstruction and Development (IBRD), IFC and the Multilateral Investment Guarantee Agency (MIGA) are planning to collaborate on developing Nepal’s hydropower potential. IFC has supported hydropower projects in Nepal in the past as well. Two years back, we invested in a run-of-river hydropower project with Butwal Power Company. IFC’s financing is helping to renovate and upgrade the power plant, including the replacement of 100- year old turbines with modern and efficient technology. The plant’s output is expected to increase by 50 percent. </div>
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<strong>How have you supported the private sector in other areas and businesses? </strong></div>
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<div>
IFC’s strategic agenda in Nepal includes priority sectors of infrastructure, finance, including access to finance for SMEs and women entrepreneurs, tourism and agribusiness. With the corporation’s growing investments and advisory assistance, IFC is set to play a key role in Nepal. IFC is also working on a payment reform project and an advisory team is making important progress by building partnerships between the government and private sector through the Nepal Business Forum. We are now working with the private sector to promote improved agricultural and water management practices and introducing new technologies among small farmers producing rice, maize and sugarcane to adapt to climate change. </div>
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<div>
<strong>IFC has been planning to issue local currency bond in Nepal. Could you please highlight the logic behind this?</strong></div>
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<div>
A strong capital market helps the private sector to efficiently finance their operations, depending on the risk of the capital, instead of worrying about foreign exchange facilities. IFC supports local capital markets by issuing local currency bonds, often paving the way for other issuers. We also provide local currency finance to meet the needs of the private sector in many countries. Our projects require local currency financing as well. </div>
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<div>
<strong>What do you have to say to the Nepali private sector that is focusing more on the problems of getting foreign capital than on local currency funds? </strong></div>
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</div>
<div>
Developing local currency funds is an important element of private sector development. They help create access to long-term financing for large infrastructure projects and for small and medium enterprises- -the key drivers of jobs and growth. However, availability of strong local currency funds requires a conducive regulatory framework, a market and infrastructure. </div>
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<div>
<strong>There is a big chunk of work IFC is leading on the advisory side--around reform. How do you think this work can help the private sector in Nepal? </strong></div>
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</div>
<div>
IFC, through the South Asia Enterprise Development Facility, has been supporting the Nepal government’s efforts to focus on growing the country’s economy through improving the business environment, supporting sustainable business growth, and creating jobs. Our reform programmes in Nepal are aimed at making it easier to do business by reducing barriers to new business registration and streamlining the administration of taxes. We also help facilitate public-private dialogue to ensure that business reforms made by the government match private sector needs besides promoting private investments in Nepal.</div>
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