Kuwait Fund to provide loan assistance to Nepal

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    Kuwait FundKATHMANDU: Kuwait Fund for Arab Economic Development (Kuwait Fund) has agreed to provide a loan assistance of Rs. 1.55 billion to the government of Nepal for the implementation of the Budhi Ganga Hydropower Project.

    An agreement to this end was signed and exchanged amidst a ceremony at the Ministry of Finance on Friday.

    The project with a capacity of generating 20 megawatt of electricity shall be operated in Achham district. The main objective of the project is to help the local people explore new opportunities through a better electricity supply and to support the government to mitigate the regional disparity.

    The feasibility of the project was completed by Nepal Electricity Authority in November, 1998 and it was materialised due to various reasons.

    The Department of Electricity Development under the Ministry of Energy is the executing agency of this project whereas the Ministry of Energy itself is the implementing agency. The programme is expected to be completed by the end of 2012.

    Mr Madhhu Kumar Marasini, Joint Secretary and Chief of the International Economic Cooperation and Coordination Division, Ministry of Finance and Mr Hesham Al-Waqayan, Deputy Director General, Kuwait Fund signed on the agreement on behalf of the respective sides.

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