KATHMANDU, APRIL 19An agreement in principle has been reached for the financial management of the proposed 1063-megawatt Upper Arun Semi-Reservoir Hydropower project in Sankhuwasabha district. The shadow war between Iran and Israel has been exposed.

What happens next? The soul's code: The key to living a full life According to the Ministry of Finance, this development occurred during discussions between Finance Minister Barshaman Pun and high-level leadership from the World Bank in Washington DC.Presently, the Finance Minister is in the United States of America to attend a joint session of the World Bank and the International Monetary Fund (IMF). During a meeting between the Finance Minister and Martin Raiser, the World Bank's Vice President for South Asia, the two discussed WB-funded projects in Nepal, including the proposed Upper Arun project, with a focus on expediting other WB-assisted projects in the country.They also exchanged views on increasing facilities from the International Development Association (IDA) under the World Bank Group for Nepal and diversifying projects.According to Shree Krishna Nepal, a joint secretary at the Ministry of Finance and a member of the visiting delegation, the World Bank will lead the financial management of the Upper Arun project based on the agreement in principle.

The agreement will be formalized once the Government of Nepal endorses it.It has been designed to secure a 70 percent loan investment for the project from the WB's co-financing, while the remaining 30 percent will be sourced from equity funds.

The total cost of the project is yet to be determined.Regarding preparatory work for the project, some progress has been made in the construction of a two-kilometer tunnel and the 21-kilometer approach road.

The Ministry stated that the land acquisition and compensation distribution process for affected parties are nearing completion.Meanwhile, the Finance Minister held a meeting with Scott Nathan, the Chief Executive Officer of the US International Development Finance Corporation (DFC), on Friday.

During the meeting, the Minister affirmed the Nepal Government's commitment to creating an environment conducive to promoting foreign investment.He discussed the government's policy of recognizing and treating the private sector as a development partner and pledged to remove legal, procedural, and administrative hurdles to facilitate investment.

He also appealed to US investors to explore opportunities in Nepal.The DFC's partnership with Nepal amounts to 2.27 million US dollars, including loans for the private sector and equity. .

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