KATHMANDU, Oct 14: The World Bank (WB) has given a green signal to provide concessional loans of Rs 130 billion to construct the Upper Arun Hydroelectric Project.
In a meeting with the Finance Minister Prakash Sharan Mahat in Marrakesh of Morocco, the WB officials expressed their willingness to provide credit for the mega hydropower project. According to the Ministry of Finance, a high level Nepali delegation is all set to discuss the technical and financial aspect of the hydropower project in Washington DC, USA, next week.
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The 1061 MW Upper Arun Hydroelectric Project is a run-of-the-river hydroelectric project capable of supplying peak power for a minimum of 6 hours daily generated from the Arun River, a tributary of the Saptakoshi River in eastern Nepal. It is being developed by Upper Arun Hydroelectric Limited, a subsidiary of Nepal Electricity Authority. The project site is located about 70 km north of Khandbari, the headquarters of Sankhuwasabha district.
Meanwhile, the WB has also expressed a positive gesture on Nepal’s proposal to conduct the 21st meeting of the International Development Assistance, the main development partner to provide concessional loans, in Nepal.
The multilateral lending institution has also expressed its consent to mobilize budgetary assistance worth US $ 300 million (Rs 39 billion) in the current fiscal year. The amount received will be spent in public expenditure, financial sector inclusion development and policy reform measures.
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