Kathmandu, December 29
Nepal Rastra Bank has directed banks and financial institutions (BFIs) to give priority in issuing loans to establish charging stations for the promotion of electric vehicles (EVs) in the country.
The central bank recently issued a directive to BFIs which has listed establishment of charging stations for EVs as a priority area for disbursing loans as the government aims to increase electricity generation and simultaneously increase the use of electric vehicles too.
The directive also states that hydropower is renewable energy and will play a vital role in the public transport sector, hence BFIs need to accord priority to providing loans for the construction of charging stations.
The government is working with the goal of promoting the use of electric vehicles.
It is aiming to increase the volume of electric vehicles across the country by 30 per cent within the next 10 years. Meanwhile, Nepal Electricity Authority has also initiated the process to construct 50 charging stations in Kathmandu valley and along major highways.