- KATMANDU: Nepal’s government unveiled a $275 million plan Thursday to end a longtime energy crisis within four years by building power plants and giving tax breaks for investors.
The Himalayan nation has suffered from rolling blackouts of up to 14 hours a day because of its overwhelmed power grid, forcing many industries to shut down or reduce operations.
Private investors who help build hydroelectric power plants would be exempt from taxes and given a discount on royalties they pay the government.
The government expects to spend 20 billion ($275 million) to rejuvenate the power sector.
The government also said it would provide special security for investors and enact laws to make it a crime to hamper energy projects, punishable by five years in prison.
Nepal produces only about half its electricity needs, and imported power from neighboring India is not enough to make up the shortfall.