IDA extends funds for Kabeli-A hydro project

The International Development Association (IDA) of the World Bank Group is extending additional assistance of $46 million (equivalent to Rs 4.53 billion) to the government for implementation of Kabeli-A Hydroelectric Project

Nov. 25, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -11 November. 21- 2014 (Mansir 5, 2071)

The International Development Association (IDA) of the World Bank Group is extending additional assistance of $46 million (equivalent to Rs 4.53 billion) to the government for implementation of Kabeli-A Hydroelectric Project.

Of the total amount, $40 million will be in the form of loan and the rest in form of grant.

The government will relend the loan amount to Kabeli Energy Limited through Hydropower Infrastructure Development Company Limited after signing a subsidiary loan agreement, says a statement issued today by the Ministry of Finance (MoF).

Similarly, the International Bank for Reconstruction and Development of the World Bank has agreed to provide $7.9 million in grant for implementation of Extended Biogas Project here.

The agreements to this effect were signed today at the MoF by Finance Secretary Suman Prasad Sharma and Takuya Kamata, country manager of the World Bank Nepal Office, says the statement.

"The 37.6MW Kabeli-A hydroelectric project is being built in Kabeli River, which runs through Taplejung and Panchthar districts. It is being developed under the public-private-partnership (PPP) model. “Promotion of PPP, especially in infrastructure development, is the priority area of the government,” says the statement," The Himalyan Times reports.

International Finance Corporation (IFC) is one of the co-financers of the project. The IFC is financing $38.12 million and the Kabeli Energy Limited is pouring in $22.96 million as an equity share in the project.

 

More on Economy

The Latest

Latest Magazine

VOL 12 No.07, November 22, 2018 (Kartik. 16, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.06, October 12, 2018 (Ashoj. 26, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.05, September 21, 2018 (Ashoj. 05, 2075) Online Register Number: DOI 584/074-75

VOL 12 No.04, September 07, 2018 (Bhadra 22, 2075) Online Register Number: DOI 584/074-75