NPBCL Gets Rs 2 Billion Investment Promise within a Month 

Prabhu Group has expressed commitment to raise around Rs 1 billion for the construction of Kathmandu- Hetauda Tunnel Highway. The group signed a Memorandum of Understanding (MoU) on the last week of June with Nepal Purwadhar Bikas Company Limited (NPBCL), which is implementing the project. With this, NPBCL has got a promise of getting a total of Rs 2 billion within a month for the project. 

 

Non-Resident Nepalis (NRNs) from Germany, Switzerland, UK and Belgium have already promised for investment of Rs 960 million in the project. 

 

Officials of Prabhu Group said they will encourage Nepalis working in foreign lands to channel their hard earned money in the productive sector. “This is a step toward encouraging Nepalis to invest the money received through remittance in the productive sector,” said Kusum Lama, Vice-chairman of Prabhu Group. 

 

The Group has also said that it would provide loan to people who are interested to invest in this project through Prabhu Finance. “But as most of the remittance comes from Nepalis working in Gulf countries and Malaysia, where their earning is relatively low, officials of NPBCL should assure them that their investment is in safe hands,” Devi Prakash Bhattachan, Chairman of Prabhu Group, said. 

 

According to officials of Prabhu Group, they would request about 300,000 Nepalis to invest in the project through outlets of Prabhu Money Transfer in foreign countries. 

 

Kush Kumar Joshi, chairman of NPBCL said construction works on the mega project would begin from mid-July if weather permits. The project is expected to be completed in December 2016. The 58-km highway with tunnel, which will link Kathmandu with Hetauda, is estimated to cost Rs 34.5 billion. The project is being executed under the private, public and people´s partnership (4Ps) model based on the Private Financing in Build, Own, Operate and Transfer Act 2006 (BOOT Act).