June 12, 2017 01:58 PM NPT
KATHMANDU, June 12:Nepal Airlines Corporation(NAC) signed a Rs 12-billion -loan -agreement with state-owned lender Employees Provident Fund (EPF) on Sunday to buy two wide-body airplanes.
As stipulated in the loan agreement, NAC will pay interest to EPF at the annual rate of 9 percent.
The loan it will take from EFF is just half of the total loan it needs to purchase two wide body airplanes. It has a plan to borrow Rs. 6 billion from Citizen Investment Trust (CIT).
“ We signed an agreement on loan amounting to Rs 12 billon with EPF on the condition that NAC shall pay interest to EPF at the annual rate of 9 percent “, said Corporate Director and Spokesperson of NAC Rabindra Shrestha.