Nepal hosts an investment summit in hopes of attracting foreign money for hydropower projects

KATHMANDU, Nepal (AP) — Nepal hosted an investment summit Sunday in hopes of attracting much-needed foreign investment, especially in developing hydropower projects to produce more electricity that it can sell to neighboring countries.

Several foreign investors were attending the two-day meetings in the capital, Kathmandu, where Nepali officials urged investment in developing hydropower projects and in other areas like tourism and industry.

Nepal is home to eight of the tallest mountain peaks in the world and has several rivers flowing down from them, bringing huge hydropower potential. But only a few projects have been built in the poor south Asian nation.

“Our hydropower potential holds the promise of abundant renewable and clean energy supply,” Nepal’s prime minister, Pushpa Kamal Dahal, told the delegates. However, he said, “only 3,200 megawatts have been harnessed so far and only about 5,568 megawatt large-scale projects are under construction or in the pipeline.”