Embassy of the Republic of Korea in Nepal

On Thursday, June 20, the Ambassador of the Republic of Korea to Nepal, Mr. Tae-Young Park visited the office of NWEDC (Nepal Water & Energy Development Company) as part of the World Bank International Development Association (IDA) 21st Replenishment Meeting held in Nepal.

Established under the initiative of Korea's energy company KOEN (Korea South-East Power Co., Ltd.), NWEDC is investing in the Upper Trishuli-1 (UT-1) Hydropower Project (216MW) together with the World Bank’s International Finance Corporation (IFC) and Korea Overseas Infrastructure & Urban Development Corporation (KIND), and is leading the Project.

During the meeting, Ambassador Park expressed his gratitude to all the stakeholders involved in the project, which is being promoted in cooperation with Korean companies and institutions such as KOEN, KIND, and the Export-Import Bank of Korea, as well as with various development agencies including IFC and ADB, and the Nepalese government. He emphasized that this project serves as a model for sustainable energy development in Nepal.

Mr. Sushil Chandra Tiwari, Secretary of the Ministry of Energy, Water Resources, and Irrigation of Nepal, and Mr. Imad Fakhoury, IFC Regional Director for South Asia, among other officials from the World Bank and delegates of IDA member countries who visited the NWEDC office, stated that the UT-1 Hydropower Project is being carried out while adhering to the World Bank’s stringent social and environmental responsibility standards. They highlighted that this collaborative project between the governments of Korea and Nepal, various international development agencies, and private enterprises  is setting a new standard.