The event highlighted our shared mission for Shinta Mani Mustang and unveiled the Shinta Mani Mustang Circuit, an experience that goes beyond the Himalayas, evoking the spirit of a truly remote, defined by raw beauty, exclusivity, and the allure of a once-in-a-lifetime destination.

Nepal possesses all the ingredients for world-class tourism, from spectacular landscapes to an enigmatic cultural heritage. With growing international recognition as a destination, investments in high-value hospitality like Shinta Mani Mustang can be a game-changer at this critical stage of the country’s development.

Such initiatives not only help to establish Nepal’s tourism branding positioning, but also drive meaningful economic opportunities for local communities, while safeguarding and showcasing the cultural fabric that gives the country its distinctive character.

Gems like Shinta Mani Mustang reflect what becomes possible when a well-structured investment foundation is paired with a disciplined focus on quality and long-term value creation.

We remain committed to supporting similar initiatives that advance this vision and strengthen Nepal’s standing as a destination for quality institutional capital.

Strategic investment supports the Upper Junbesi Khola project, a 5.875 MW peaking run-of-river in Solukhumbu

Kathmandu, Nepal [April 9, 2026] – NIBL Equity Partners (NIBLEP), a Specialized Investment Fund (SIF) registered with the Securities Board of Nepal (SEBON) and managed by NIMB Ace Capital Ltd., has concluded an equity investment of NPR 15 crore (NPR 150 million) in Gurkhas Himalayan Hydro Limited, the developer of the 5.875 MW Upper Junbesi Khola Hydropower Project (UJKHPP) located in Solududhkunda Municipality, Solukhumbu District, Koshi Province, Nepal. The equity investment agreement was formally signed on March 19, 2026.

The Upper Junbesi Khola Hydropower Project is a hydro project located in Solukhumbu that aims to generate electricity using the flow of the Junbesi Khola river. It is a one-hour peaking run-of-river (PRoR) project, meaning it can store water for a short time and generate more electricity during peak demand hours. The project is expected to produce about 35.43 GWh of electricity per year, with around 33% generated during the dry season.

The project has already signed a Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA) to sell all of its 5.875 MW electricity. The generated power will be transmitted through a 33 kV line to the Tingla substation via a pooling station that is being built alongside the project.

Shivanth B Pandé, CEO of NIBL Equity Partners, said, “This investment marks a significant portfolio addition for us here at NIBL EP and reaffirms our strategic focus on mid-sized hydropower and clean energy investments that contribute to Nepal’s long-term energy security and economic development.”

“We are pleased to partner with NIBL Equity Partners at this critical stage in the Upper Junbesi Khola project. This partnership will accelerate the completion of the project and ensure timely delivery,” said Santosh Bhattarai, the managing director of Gurkhas Himalayan Hydro Limited. “We believe this collaboration will enhance reliable power supply to remote areas while contributing to Nepal’s long-term vision of a sustainable and clean energy transition .”

As of January 2026, about 75% of the construction of the project is completed, and commercial operations are set to begin in August 2027.

About NIBL Equity Partners

NIBL Equity Partners is the private equity initiative of NIMB Ace Capital, the country’s largest and most active banking and capital market institutions, and a subsidiary of Nepal Investment Mega Bank Limited. A direct reflection of the innovative spirit of the two legacy institutions, can be found in the fund’s investment approach. NIBL equity partners have been financing Nepal’s most promising growth-stage companies, guiding them towards operational excellence, sustainable value creation, and helping build an interconnected and synergetic business ecosystem.

About Gurkhas Himalayan Hydro Limited

Gurkhas Himalayan Hydro Limited is a hydropower development company engaged in the development of the Upper Junbesi Khola Hydroelectric Project (UJKHPP), located in Solukhumbu District of Koshi Province. The Company is committed to contributing to Nepal’s sustainable energy sector through the development of reliable and environmentally responsible PROR hydropower infrastructure. The Upper Junbesi Khola project is strategically positioned to harness the hydrological potential of the region, supporting national energy security and long-term economic growth.

Mr. Poudyal is an established leader in Nepal’s financial services sector with nearly four decades of experience across commercial banking, investment banking, and values-based sustainable finance, offering a deep and nuanced understanding of Nepal’s financial ecosystem. Over the course of his career, Mr. Poudyal has worked closely with regulators, financial institutions, and development partners to strengthen Nepal’s banking sector. His contributions have been recognized by the Government of Nepal with the Prawal Janasewa Shree (Fourth).

Previously, he served as Chairman of Nabil Bank Ltd., Nepal’s first joint-venture bank, and Chief Executive Officer of NMB Bank for 17 years, where he led major advancements in governance, risk management, and sustainable banking. He has also contributed as a banking expert to ESG and Environmental and Social Risk Management capacity-building programs supported by IFC, FMO, and Invest for Impact Nepal.

“Mr. Poudyal’s unparalleled expertise and track record in sustainable and values-based banking make him an invaluable addition to NIBL’s Advisory Board,” said Shivanth Pande, CEO of NIBL Equity Partners. “His guidance will be instrumental as we continue to strengthen governance frameworks, enhance sustainability practices, and drive innovation in Nepal’s banking sector.” 

“The private equity ecosystem in Nepal is at a pivotal inflection point, and I’m thrilled to help steward NIBL into its next phase of growth in this new role” said Mr. Upendra Poudyal. “I look forward to collaborating with the Board and management to support NIBL’s strategic objectives and contribute to the growth of a resilient and inclusive PE ecosystem in Nepal.”

He currently serves as the Asia Pacific Regional Representative of the Global Alliance for Banking on Values (GABV) and as Chairman of the Advisory Committee for the Post Graduate Diploma in Sustainable Business Management at the School of Management, Tribhuvan University.

About NIBL Equity Partners

NIBL Equity Partners is the private equity initiative of NIMB Ace Capital, the country’s largest and most active banking and capital market institutions, and a subsidiary of Nepal Investment Mega Bank Limited. A direct reflection of the innovative spirit of the two legacy institutions, can be found in the fund’s investment approach. NIBL equity partners have been financing Nepal’s most promising growth-stage companies, guiding them towards operational excellence, sustainable value creation, and helping build an interconnected and synergetic business ecosystem.

The summit reinforced a clear direction for the ecosystem: building locally grounded yet globally connected startups, supported by stronger policy intent, cross-border collaboration, particularly between India and Nepal. Discussions highlighted the Government of Nepal’s growing leadership in positioning entrepreneurship as a core pillar of economic transformation, alongside the importance of governance, clarity, and execution in attracting long-term investments.

Across panels and pitch sessions, the emphasis was on practical, scalable innovation. AI and data-driven solutions showed notable momentum, growth narratives became more grounded, and patience replaced hype. Overall, the discussions reflected an ecosystem commited to moving from ideas into durable, investable businesses.

As an institution, we remain committed to supporting platforms that strengthen Nepal’s entrepreneurial landscape and foster meaningful dialogue between founders, capital providers, and policymakers.

In her new role, Ritu will co-lead the firm’s strategic direction across private equity, investment management, and sustainable finance. Her mandate includes strengthening due diligence processes, expanding ESG-integrated investment frameworks, enhancing portfolio oversight, and supporting the development of innovative financial instruments that contribute to Nepal’s economic transformation.

Shivanth Bahadur Pande, CEO of NIMB Ace Capital, said, “Ritu’s expertise in private equity, sustainability, and enterprise development adds strength to our leadership team. Her experience aligns well with our investment approach and our commitment to driving long-term value across Nepal’s financial landscape.”
“I am honored to join NIBL Equity Partners at a time when Nepal’s capital markets are evolving rapidly,” said Ritu Pradhan Malla. “There is immense potential to drive growth while delivering sustainable impact. I look forward to contributing to the firm’s ambitious vision and supporting the next chapter of Nepal’s financial sector development.”
Ritu brings over 14 plus years of experience in climate finance, private equity, enterprise development, and sustainable impact. Previously, she held a leadership role at Business Oxygen (BO2), where she led enterprise development and investment strategy for growth-stage companies. She currently serves as an Independent Director at GhamPower and is a member of the Advisory Board at Impact Hub Kathmandu, contributing to both organizations’ strategic direction in sustainability and entrepreneurship. Her prior roles also include serving as Head of Advisory Nepal for Cross Boundary Advisory, Director of Investment & Business Development Services for the USAID Trade and Competitiveness Activity, implemented by Deloitte, where she oversaw investment mobilization and enterprise support initiatives. A strong advocate of ESG integration, Ritu is recognized for aligning investment processes with international standards, including those of the International Finance Corporation (IFC).

About NIMB Ace Capital
NIMB Ace Capital Limited, a wholly owned subsidiary of Nepal Investment Mega Bank Limited, has been a trusted name in Nepal’s financial sector since its establishment in 2011. Formerly known as NIBL Capital Markets Limited, the company specializes in delivering customized financial solutions, including merchant banking, advisory, asset management, and depository participant services. Backed by the strength of its parent company and extensive industry experience, NIMB Ace Capital stands as a premier provider of customer-centric and innovation-driven investment banking services in Nepal

About NIBL Equity Partners
NIBL Equity Partners is the private equity initiative of NIMB Ace Capital, the country’s largest and most active banking and capital market institutions, and a subsidiary of Nepal Investment Mega Bank Limited. A direct reflection of the innovative spirit of the two legacy institutions, can be found in the fund’s investment approach. NIBL Equity Partners have been financing Nepal’s most promising growth-stage companies, guiding them towards operational excellence, sustainable value creation, and helping build an interconnected and synergistic business ecosystem.

BrandFest 2025, as co-sponsors, is engaging with industry leaders on the evolving landscape of branding and communication.

Over two days, discussions focused on how brands are evolving through purpose, innovation, and data-driven insights, topics that align with NIBL Equity Partners’ strategic priorities.

Our Co-Head, Ritu Pradhan, the keynote speaker, spoke on the role of how ESG is reshaping the investment ecosystem, a key priority of our approach to responsible, impact-driven investing.

As a long-standing institution, we remain committed to contributing to platforms that advance industry dialogue and support the growth of Nepal’s private sector.

But beneath the surface lie the true drivers of sustainable value creation: the strength of leadership, organizational culture, operational efficiency, governance, and long-term strategic clarity. These are the layers that define resilience and competitive advantage, yet they’re often overlooked in favor of short-term performance indicators.

At NIBL Equity Partners, we invest beyond the visible to find what truly sustains performance.
Because in the end, anyone can see performance, few can see what sustains it.

Nestled in the lap of the Himalayas and home to nearly 29 million people, Nepal’s economic journey has been anything but linear. Once a politically isolated kingdom with a closed economy, Nepal transitioned to a constitutional democracy in the 1990s, only to face a decade-long Maoist insurgency soon after. The monarchy was replaced by a Republic in 2008, with former insurgents joining the government amid hopes for stability. It then took another decade to draft and ratify the current constitution. Just as stability seemed near, Nepal was hit by the 2015 earthquake and later the pandemic.

Nepal remains in the early stages of its development journey, striving to graduate from a least developed country (LDC) into a developing country economy. Nepal’s poverty reduction story over the last 30 years is nothing short of remarkable; its poverty rate, which was $2.15 in 1995, fell from over 55 percent to 0.37% in 2022 (World Bank).

Even as recently as the 2024/25 FY, foreign aid commitments still made up 14.5% of the national budget. To be sure, aid has played an important role in the areas of infrastructure, education, and poverty alleviation, amongst others. When Nepal first opened its doors to the outside world in the 1950s and 60s, the impact of aid was transformative. For example, USAID helped build Nepal’s first highway in 1955 and its first nursing school a year later. For these earlier decades, foreign assistance brought visible progress and shaped Nepal’s history and development narrative. However, this one-size-fits-all, donor-driven, and top-down approach to development is now outdated. It fosters a culture of dependence, leaving our economy reactive rather than proactive. Aid supported us, yes, but it also limited us, creating an environment where we looked outward for solutions, increasing bureaucracy and corruption, and also lowering our own ability to grow.

Nepal’s future will not be built on foreign dependencies anymore. For too long, our development trajectory has been shaped by donor roadmaps, grant packages, and associated metrics of success. Meanwhile, political instability and frequent changes in government prevented any lasting homegrown blueprint for development.

If we are to graduate from a LDC status and avoid the middle-income trap, Nepal must strengthen its economic, legal, and regulatory frameworks, deepen its capital markets, and expand economic freedom and liberty across sectors. We must also create an enabling environment for investment and allow the private sector to play a leading role. Our economy is growing at a healthy rate of about 4.5% ( FY 2025), but for this growth to be sustainable and translate into transformative change, we need to stop relying on overseas jobs and remittance and focus on making structural changes, creating an environment that favors investment and job creation across sectors like agriculture, infrastructure, healthcare, tourism, manufacturing, and technology.

“Nepal’s poverty reduction story … its US$ 2.15 poverty rate fell  to 0.37% in 2022 – World Bank”

What if Nepal became an example, not for aid dependency, but for investment-driven growth? A new comprehensive marshall plan for real sustainable growth.

The hidden cost of aid dependency: How can a well-intentioned initiative turn out to be so costly?

The deeper cost of aid dependency is not reflected in financial statements. When governments rely less on domestic taxation and more on foreign aid, the bond of accountability between the state and its people weakens. Priorities shift to appease donor expectations rather than to address local realities. Too often, projects are designed to satisfy donor log frames and KPIs rather than Nepal’s long-term needs, sidestepping sustainable community-led solutions and sidelining local businesses. Let us not forget that aid is never just about development; it is just as much a tool of diplomacy, politics, and policymaking, entangled in broader foreign political agendas, not just local needs. Instead of one-sided aid, Nepal needs partnerships that build capacity, transfer knowledge, and co-create solutions. Where aid has missed the mark is in working with local financial institutions and incorporating local ownership from the get-go. We don’t need the fish handed to us; we need to own the fishing nets.

The turning point

In the last decade, remittances from Nepalis working abroad have poured real capital into Nepal. Millions of Nepalis are also entering the capital markets and investing for the first time through IPOs, mutual funds, and shares in hydropower projects. As of 2024, more than 6.3 million DMAT accounts exist ( Central Depository Company and Clearing data, a subsidiary of Nepal Stock Exchange), which represents roughly 21% of the population. This financial inclusion signals a powerful grassroots investment movement and a move to self-dependency, but it didn’t happen on its own; it was driven by local financial institutions. However, this shift also signals a weakness in the economy that is unable to provide jobs, pushing its citizens to seek greener pastures overseas.

The central bank has also intervened by mandating commercial banks to lend to key underserved sectors like women entrepreneurs, agriculture, and energy, and it now plans to expand mandatory green bonds and sustainable financing. Our own experience with IPOs showed massive oversubscription application rates so high that a lottery system had to be introduced.

The Agriculture Development Bank (ADB)’s 24 billion Nepalese rupee Agri bond, for example, which later allowed the ADB to extend loans to farmers across Nepal, further demonstrates the untapped potential of local finance and an immense appetite for investment.

Yet challenges remain. Much of the remittance inflows primarily fund imports rather than being reinvested or saved. With better mobilisation, especially through government-facilitated scaling, remittances could drive sustainable domestic growth and improve our terms of trade. At the same time, Nepal makes minimal use of foreign debt, which means there’s a wealth of underutilised opportunity for financing our priority programs.

Private capital: engine for growth
Private capital must become the new engine for growth. Unlike aid, which is primarily focused on solving problems, investments build systems by fostering entrepreneurship and creating sustainable jobs. Nepal’s economy is currently dominated by a few business houses, which tend to monopolise the various industries. Private equity can support skilled entrepreneurs who want to enter new markets. In recent years alone, we have seen private equity shape Nepal’s economy across various sectors like agriculture, FMCG, hospitality, and tech. With a young population, Nepal is well-positioned for import substitution, industrial expansion, and innovation-led job creation.

This isn’t just theoretical: between 2012 and 2025, Nepali PE-VC funds mobilised approximately $265 million, across 15 sectors, notably in technology and renewable energy. These investments, increasingly listed on the local stock exchange, are diversifying investment opportunities. The economic growth of Nepal accelerated in the first half of the fiscal year by 4.5% due to growth in the agricultural and industrial sectors. To further sustain this growth, Nepal could look into other financing mechanisms like quasi-finance instruments that can bridge funding gaps, especially for growing SMEs.

We already have a growing agricultural sector, thanks to improved road networks and technological advancements. We have also begun to export energy to India, signaling energy independence, and local financing models are proving their worth. The next step is to finance the future we want through sustainable finance, strengthened capital markets, and regulatory frameworks that not only support compliance but also enable innovation and faster adoption of international practices.

Every time a young entrepreneur pitches a new idea, every time a Nepali chooses investment over emigration, every time a farmer scales their business, we move closer to an empowered and sustainable future. What we now need is a culture that celebrates financial autonomy and investment, one that rebrands Nepal from a country open for aid to one open for business.