Nepal's top leaders pledge hydro power development

Top leaders of Nepal's major political parties Wednesday signed a commitment paper prepared by the private sector pledging to support overall development of hydro power projects.

The leaders included the head of interim election council, Khila Raj Regmi, reports Xinhua.The Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has given top priority to hydro power development in this year's annual general meeting agenda to start a meaningful discussion in the energy sector.

Energy is one of the prerequisites for investments to come in other sectors. Hydro power potential has largely been underutilized in Nepal at present. 

Nepal has the potential to produce 83,000 MW of hydroelectricity, second only to Brazil, but the country faces up to 18 hours of power cuts during dry season.

Suraj Vaidya, president of FNCCI, said: "Nepal needs to enter into power trade agreements with neighbors to realize the export potential of hydro power projects. FNCCI would like to work with our counterparts in India and China in this regard."