Kathmandu, Nov 1 : A financial agreement have been carried out on Friday among 9 investor parties and project developer company for the 216 MW Upper Trishuli-1 hydro project in Rasuwa district.
A total of US$ 453 million will be managed with the initiation of International Finance Corporation. The project will be completed within 5 years.
The agreement was signed with the presence of Minister of Finance Dr Yuba Raj Khatiwada and Minister of Energy Barshaman Pun in Kathmandu. The CEO of the developer company Nepal Water and Energy Development Company Mr Bo Seuk Yi and representatives of donors signed on the agreement.
The developer company has said that the construction of the project will begin within 6 months. The Company’s General Manager Giriraj Adhikari informed that the project will be completed within the stipulated time.
The estimated total cost of the project is around US$ 647, 300,000. Among the total cost, 70 percent will be on loan and 30 percent will be from the company itself.
According to the Company, IFC will invest US$ 161,300,000, Asian Development Bank US$ 60,000,000, Asian Infrastructure Investment Bank US$ 39,600,000, Korean Export-Import Bank US$ 100,000,000 and Korea Development Bank will invest US$ 30,800,000 as a loan.
Likewise, CDC Group will invest US$ 21,900,000, Netherlands Development Finance Company US$ 15,400,000, French Development Financial Institution US$ 11,000,000 and OPEC Fund US$ 13,200,000.
