Role of GIBL as the First CREF Handling Bank in RE Sector
Global IME Bank has served as the first Handling Bank for Central Renewable Energy Fund (CREF) under National Rural Renewable Energy Programme (NRREP) of Alternative Energy Promotion Center (AEPC). Central Renewable Energy Fund (CREF) is a financial intermediary mechanism established with the objective of effective delivery of subsidies and credits to the renewable energy sector funded by Government of Nepal and renowned international donor agencies. The financial intermediation mechanism in effect utilizes a basket fund under the name of CREF contributed by the Government of Nepal, Danida, Norway, DfID, KfW, GiZ, UNDP, SNV, World Bank, Asian Development Bank, UNCDF under the mediation of AEPC as under the National Rural and Renewable Energy Program (NRREP).
Selected through a comprehensive competitive bidding process among all commercial banks of the country, the Bank has had the opportunity of working as the apex financial institution for the project since January 2015 to January 2018. Being the first financial institution to associate in first of its kind RE sector programme, GIBL successfully undertook the role of Investment fund Management, Subsidy Administration, settlement of Government arrears as well as housing of the CREF Secretariat during the Contract period.