Daraudi Kalika Hydro signs loan agreement with Global IME and Machhapuchhre Bank

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Kathmandu, Apr. 21:

Daraudi_KalikaDaraudi Kalika Hydro Pvt. Limited signed a loan agreement of Rs. 700 million with Global IME and Machhapuchhre Bank  on Monday for the development of Daraudi ‘A’ Hydropower  (6 MW) project.

Amidst a function organized here in capital, managing director of the project Bikram Pandey, chief executive officer (CEO) of Global IME Bank Ratna Raj Bajracharya and CEO of Machhapuchhare Bank TR Gautam signed the loan agreement.

Daraudi ‘A’ is small hydropower project being developed by Daraudi Kalika Hyro Pvt. Ltd. a subsidiary of Kalika Construction Company.  The project is located at Muchhok Village Development Committee of Gorkha district.

According to the loan agreement, the Global IME Bank will invest Rs. 550 million while Machhapuchhre Bank will invest Rs. 150 million in the Daraudi ‘A’ hydropower project.

Bikram Pandey, Chairman of the Kalika Construction Group, informed that almost 50 per cent civil works of the hydropower projects have already been completed.

Pandey added that the hydropower project will be completed in next 12-13 months.

It is our first and demonstration hydropower project; he said and added that they were planning to develop more hydropower projects in future incuding Bhotekoshi-5 (60MW).

CEO of both the banks said that they have taken the investment opportunity in the project as a matter of happiness to them.

They also said that the project will contribute to reduce the long hours of load shedding the country is currently facing.