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ADB to Provide Rs 15 Billion for Power Transmission Project
1 min 55 sec to read
September 11: Asian Development Bank (ADB) has agreed to provide US$ 152 million from Japan Fund for Poverty Reduction for the implementation of Power Transmission and Distribution Efficiency Enhancement Project.
The fund included 150 million US dollar as concessional OCR loan and 2 million US dollar grant equivalent to approximately NRs 15.46 billion, reads a statement issued by the Ministry of Finance.
An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.
The ministry said that the project supports to expand the transmission lines in various areas of Nepal and enhance the distribution efficiency in the northern parts of the Kathmandu Valley. The project will incorporate various components such as construction of transmission lines, upgrading sub-stations in Barhabise, Laphsiphedi, Khimti and Chapagaun areas and the rehabilitation and capacity enhancement of distribution system in the Kathmandu Valley. According to the ministry, the project has completion period of 4.5 years.
Finance Secretary Shanta Raj Subedi and Sharad Bhandari, officer-in-charge of Nepal Resident Mission, Asian Development Bank signed the loan agreement on behalf of the Government of Nepal and the ADB respectively.
Similarly, Kulman Ghishing, managing director of Nepal Electricity Authority and Sharad Bhandari signed the project agreement.
ADB has also agreed to provide US$ 21 million (approximately NRs 2.13 billion) policy based loan assistance to the Government of Nepal. The loan amount will be utilized in the implementation of SASEC Customs Reforms and Modernization for Trade Facilitation program, the ministry said.
“The main objective of the program is to increase legitimate trade’s access for simplification, harmonization and modernization of trade processes. Being a policy based loan, after the successful completion of the program it is expected that national policy and legal framework for trade facilitation will be improved, customs procedures will be improved, organization structure of Department of Customs (DOC) will be strengthened and including other, the capacity of DOC will be enhanced. The program will cover the whole customs administration and its offices throughout the country,” the statement said.
The loan amount will be utilized within August 2021.
The agreement was signed by Baikuntha Aryal, joint secretary at Ministry of Finance and Sharad Bhandariof ADB on behalf of their respective offices.
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<p>An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.</p>
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<p>“The main objective of the program is to increase legitimate trade’s access for simplification, harmonization and modernization of trade processes. Being a policy based loan, after the successful completion of the program it is expected that national policy and legal framework for trade facilitation will be improved, customs procedures will be improved, organization structure of Department of Customs (DOC) will be strengthened and including other, the capacity of DOC will be enhanced. The program will cover the whole customs administration and its offices throughout the country,” the statement said.</p>
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<p>An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.</p>
<p>The ministry said that the project supports to expand the transmission lines in various areas of Nepal and enhance the distribution efficiency in the northern parts of the Kathmandu Valley. The project will incorporate various components such as construction of transmission lines, upgrading sub-stations in Barhabise, Laphsiphedi, Khimti and Chapagaun areas and the rehabilitation and capacity enhancement of distribution system in the Kathmandu Valley. According to the ministry, the project has completion period of 4.5 years.</p>
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<p>An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.</p>
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<p>An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.</p>
<p>The ministry said that the project supports to expand the transmission lines in various areas of Nepal and enhance the distribution efficiency in the northern parts of the Kathmandu Valley. The project will incorporate various components such as construction of transmission lines, upgrading sub-stations in Barhabise, Laphsiphedi, Khimti and Chapagaun areas and the rehabilitation and capacity enhancement of distribution system in the Kathmandu Valley. According to the ministry, the project has completion period of 4.5 years.</p>
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<p>The fund included 150 million US dollar as concessional OCR loan and 2 million US dollar grant equivalent to approximately NRs 15.46 billion, reads a statement issued by the Ministry of Finance.</p>
<p>An agreement to this effect was signed and exchanged at the Ministry of Finance, Kathmandu, on Sunday, September 10.</p>
<p>The ministry said that the project supports to expand the transmission lines in various areas of Nepal and enhance the distribution efficiency in the northern parts of the Kathmandu Valley. The project will incorporate various components such as construction of transmission lines, upgrading sub-stations in Barhabise, Laphsiphedi, Khimti and Chapagaun areas and the rehabilitation and capacity enhancement of distribution system in the Kathmandu Valley. According to the ministry, the project has completion period of 4.5 years.</p>
<p>Finance Secretary Shanta Raj Subedi and Sharad Bhandari, officer-in-charge of Nepal Resident Mission, Asian Development Bank signed the loan agreement on behalf of the Government of Nepal and the ADB respectively.</p>
<p>Similarly, Kulman Ghishing, managing director of Nepal Electricity Authority and Sharad Bhandari signed the project agreement.</p>
<p>ADB has also agreed to provide US$ 21 million (approximately NRs 2.13 billion) policy based loan assistance to the Government of Nepal. The loan amount will be utilized in the implementation of SASEC Customs Reforms and Modernization for Trade Facilitation program, the ministry said.</p>
<p>“The main objective of the program is to increase legitimate trade’s access for simplification, harmonization and modernization of trade processes. Being a policy based loan, after the successful completion of the program it is expected that national policy and legal framework for trade facilitation will be improved, customs procedures will be improved, organization structure of Department of Customs (DOC) will be strengthened and including other, the capacity of DOC will be enhanced. The program will cover the whole customs administration and its offices throughout the country,” the statement said.</p>
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