KATHMANDU, Nov 20: The Ministry of Physical Infrastructure and Transport has forwarded a proposal to the Cabinet to scrap the agreement earlier reached with Indian consortium IL &FS and the Detailed Project Report (DPR) it prepared for the development of the Kathmandu-Terai Fast Track.
Minister for Physical Infrastructure and Transport, Ramesh Lekhak said during a joint meeting with the Development and Finance committees of the Legislature-Parliament this morning that the ministry has forwarded the proposal to the Cabinet to cancel the agreement with the Indian Consortium.
'Project specific bond could be issued to finance fast-track ro...
According to sources, this development has opened the way for Nepal to build the ambitious project on its own.
The government has allocated Rs 10 billion in this fiscal Year budget for the fast track. However, there were lobby and pressure to hand over the project to India, particularly this IL&FS.
"We are ready to transfer and arrange more budget for the fast track if needed and we are discussing it with the concerned ministries,” said Minister for Finance Krishna Bahadur Mahara.
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