June 18: Bank of Kathmandu Ltd and Ingwa Hydropower Limited have signed a loan agreement for the Upper Ingwa Hydropower Project.

Issuing a statement, the commercial bank said that it was providing 75 percent in loans to develop the 9.7 MW  hydropower project with an estimated cost of Rs 1.95 billion.

BoK is the sole lender of the project, according to the statement. The remaining 25 percent will be the equity investment of the hydropower company. The hydropower project is being constructed at Yangwarak Rural Municipality in Panchthar and Sidhingba Rural Municipality in Taplejung. “The bank believes that its financing will help in completing the hydropower project in time,” read the statement.

According to the statement, the bank has financed 37 energy projects in Nepal including solar and hydropower projects.