The MoF wrote a letter to the EPF on Thursday asking it to provide the required amount to NAC.
“We have given permission to the EPF to provide Rs 10 billion worth of loans to NAC to buy two narrow-body planes,” Finance Minister Shankar Prasad Koirala told Republica on Thursday. “NAC will finally be able to buy the planes this time.” [break]
The EPF has set conditions such as 12 percent interest rate, ownership of the planes and titles of the land where the NAC headquarters building and the land where it is located, and 34 ropanis of land in Sinamangal transferred to the EPF’s name.
Meanwhile, the officials at NAC have been indecisive about the conditions set by the EPF. NAC is not confident that it would be able to generate revenue that would be sufficient to pay the loans back with such a high interest rate. “We will soon start negotiations for a loan agreement with the EPF,” Ganesh Bahadur Chand, corporate director and spokesperson of the NAC said.
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