Kathmandu, June 11 -- The Asian Infrastructure Investment Bank has approved its first loan to Nepal since the China-backed institution was established in 2014. Nepal will receive $90 million for the construction of the 216 MW Upper Trishuli 1 hydropower plant in Rasuwa.

The anti-dollar alliance, hailing its first investment in Nepal as an example of how to facilitate investments in the energy sector, said that the $647.4 million hydel plant would increase the country's power generation by almost 20 percent.

"The AIIB's investment will provide much-needed, long-term financing for a vital infrastructure project," said the bank's Director General Dong-ik Lee. "We are confident that our investment will demonstrate the viability of Nepal's s...