Saudi Fund to give Rs 2.85 billion loan assistance for Budhiganga Hydro

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    KATHMANDU,June 18 : 

    Saudi_Dev_fundSaudi Fund for Development (SFD) on Wednesday signed loan agreement worth Rs 2.85 billion with the government for the construction of Budhiganga Hydropower Project (20 MW) of Achham district. 

    SDF has sent a delegation led by Yusuf Ibrahim, vice-president and management director of SFD, to Kathmandu to sign the agreement. 

    The SDF delegation on the day met with Finance Minister Dr Ram Sharan Mahat at the latter´s office in Singhadurbar. 

    In the meeting, Ibrahim informed that the Saudi Arabian government was preparing to open its embassy in Nepal for strengthening the relation between the two countries. “SFD can also assist Nepal in education, health and irrigation sector,” Ibrahim said. He also expressed hope that the Budhiganga Hydropower Project would be able to create multiplier impact in terms of employment creation and increasing economic activities at the local level. 

    Responding to the delegation, Minister Mahat said the government has set a target of graduating Nepal to the league of developing countries by 2022. “For that, the country needs massive investment in infrastructure sector,” Mahat said, adding that the government´s ´investment with efficiency´ policy will expedite the infrastructure development process.

    Earlier, Kuwait Fund for Arab Economic Development had signed loan agreement worth Rs 1.8 billion to develop the project.

    Source : Republica