EU, Nepal celebrate 50 years of relations

EIB likely to invest in large infra projects in Nepal

 

Kathmandu, Feb. 15

Ambassador of the European Union (EU) to Nepal Veronique Lorenzo has said that the European Investment Bank (EIB) is likely to invest in a couple of large infrastructure projects in Nepal

Discussions are underway and we can hope for some good news by the end of this year, she said while speaking at an interaction with the journalists organised on the occasion of the 50 years of the establishment of political and economic relations between the EU and Nepal.

The EU and Nepal established political and economic relations in 1974 and signed a Cooperation Agreement on 1 June 1996. This year, they are celebrating 50 years of diplomatic relations with the slogan 'Growing Stronger Together'.

Stating that there has been a shift in the approach to the cooperation between the two friends, Lorenzo said that the Delegation of the EU in Nepal was working to attract funding from the member countries in Europe, development funding institutions and private sector investors.

She also said that her office in Kathmandu was closely working with the Government of Nepal for the upcoming Nepal Investment Summit, slated for April 21-22, 2024.

"We coordinate and encourage European chambers of commerce and industries to come to Nepal and invest here. However, it is on the part of the government here to make a conducive environment that would attract investors," stated Ambassador Lorenzo.

Likewise, she said that to discourage the anti-democratic forces and activities, the government should make constant and effective delivery of services. The EU will continue to support the government as per the current programmes and policies of both parties.

According to the Delegation of the EU in Kathmandu, both partners have undergone important changes over the past 50 years. Nepal has become a Federal Democracy, whilst the European Economic Community became the European Union in 1993 and developed its common foreign and security policy in 2010, with the creation of the European External Action Service (EEAS).

Over this time, the two partners have expanded their democratic and economic space and strengthened their shared interests. Today, the EU and Nepal share the commitment to protect and promote a rule-based international order, peace and prosperity, human rights and democracy.

“This year we celebrate 50 years of steadfast partnership, which grows stronger every year with our unwavering commitments to work together for peace and prosperity,” Ambassador Lorenzo said.

She added, “As Nepal advances towards graduating from LDC status by 2026, the EU and its Member States, our 'Team Europe', will continue to support Nepal in three areas key for its development: Inclusive Green Growth,  Human Capital Development and Good Governance. As we move forward, the EU Global Gateway, our new comprehensive approach to investing in development, will support renewable energy, where Nepal has a massive potential.”

Ambassador Lorenzo presented the highlights of the year-long celebrations, including the Nepal European Union Film Festival (NEUFF) – beginning on March 20, Europe Day, on May 9, the EU-Nepal Business Forum and Fair, on May 15 and 16, a Photo Competition - and its exhibition in August, as well as the Erasmus Road Show – throughout September in all seven provinces of Nepal, and culminating with the 'Study in Europe' Fair.

 Published in The Rising Nepal daily on 16 February 2024.