Kathmandu. Secretary at the Ministry of Energy, Water Resources and Irrigation Suresh Acharya and Chief Executive Officer of Hydroelectricity Investment and Development Company (HIDCL) Prajesh Bikram Thapa signed a performance agreement for the fiscal year 2082/83 BS.

The company is running. V. Energy Secretary Acharya said that this agreement has been made on the basis of the main agenda, achievements and result-oriented indicators. Energy Secretary Acharya signed the performance agreement with the company’s CEO Thapa amid a ceremony on Sunday.

In the performance agreement, special priority has been given to the company’s policies and plans, investment structure, project implementation status, financial management, organization strengthening and transparency. According to the agreement, HIDCL will have to expand investment in the hydropower sector, promote projects in public-private partnership, develop internal capacity, and carry out operations by maintaining financial transparency.

Energy Secretary Suresh Acharya stressed the need to make HIDCL’s role more effective in implementing the government’s long-term plan for hydropower development. “Performance agreements are an important tool to strengthen the investment climate, gain public confidence and maintain transparency in financial management of projects of all sizes, big and small,” he said.

Chief Executive Officer of the company, Prajesh Bikram Thapa, said that he was fully committed to achieving the goals as per the agreement considering the performance agreement as the basis of institutional responsibility, result-oriented leadership and transparency.

“We want to advance our organization as the backbone of the country’s hydropower investment, and for that policy, results and fairness will be our foundation,” he said. Performance contracts are seen as effective practices for good governance, transparency and result-oriented working style in public institutions. It is believed that this will bring more clarity in the accountability and role of both the institution and the leadership.