२७.१२°C काठमाडौं
'It is almost certain that the financial management of upper Arun will be done by the World Bank'
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A theoretical agreement has been reached regarding the financial management of the 1,63 MW Upper Arun semi-reservoir hydropower project to be constructed in Sankhuwasabha.
According to the press note released by Pun's Secretariat, there was a theoretical agreement between the visiting Finance Minister Varshman Pun and the World Bank senior leadership in Washington DC.
Minister Pun and World Bank's Vice President for South Asia Martin Razer discussed about the World Bank's investment projects in Nepal including Upper Arun.
Mr. Krishna Nepal, a member of Minister Pun's visit team and head of the International Financial Aid Coordination Division of the Ministry of Finance, has informed that a theoretical conclusion has been reached regarding the World Bank leading the financial management in Upper Arun.
After the in-principle approval of the Government of Nepal, the agreement will be formalized and there will be an agreement regarding financial management . The financial management of Upper Arun will be led by the World Bank. In the co-financing of the World Bank, concessional loans from international financial institutions and 70 percent loan investment from domestic banks and financial institutions, as well as 30 percent equity (equity) are prepared to manage the financial management. The cost of the construction of the project is yet to be decided.
