NAC repays over Rs 430 million in loans to EPF and CIT

Published On: July 17, 2024 08:40 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, July 17: Nepal Airlines Corporation (NAC) has paid back a part of the loan it had obtained from the Employees Provident Fund (EPF) and the Citizen Investment Trust (CIT) for the purchase of aircraft.

The NAC has paid over Rs 430 million towards the loan obligations to the EPF and the CIT for the two narrow-body and two wide-body aircraft bought for international flights. As of mid-July 2024, two narrow-body aircraft have been fully paid off, while partial payments have been made for the two wide-body aircraft.

According to NAC Spokesperson Ramesh Poudel, the corporation has paid more than Rs 5.79 billion in installments up to mid-July 2024 since he assumed the management of the corporation.

The NAC has requested the EPF and the CIT to waive the interest, fines and penalties and to facilitate the repayment of loan obligations as the NAC’s business, too, was hit hard by the adverse effects of the coronavirus pandemic.