Oct 10, Kathmandu - Kumari Bank Limited and GIZ have signed a Memorandum of Understanding (MoU) under the Sustainable Electric Transport Project for Nepal to strengthen electric mobility in Nepal.

This collaboration is expected to provide easy access to finance for public transport operators and support targeted financial mechanisms and digital innovation to accelerate the adoption and operation of electric public transport (especially electric micro and mini buses).

The project is being implemented by GIZ and the Global Green Growth Institute (GGGI) in collaboration with government and relevant partner organizations, including the Ministry of Physical Infrastructure and Transport. The project is being implemented with financial support from the Mitigation Action Facility (MAF).

The program aims to put about 3,500 electric minibuses into operation. This will contribute to making Nepal’s public transport system cleaner, greener and more sustainable.

The initiative aims to convert conventional fuel-based vehicles into electric vehicles.

This collaboration will make it easier for public transport operators to use electric micro and minibuses, the bank said in a statement.

For this, Kumari Bank will provide a special financial plan and an initial down payment subsidy. The bank says that this will reduce the cost of purchasing vehicles and make it financially easier.