INSUBCONTINENT EXCLUSIVE:
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.
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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
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.
This article first appeared/also appeared in https://thehimalayantimes.com