KATHMANDU: The government has issued a license to Upper Arun Hydropower Electric Ltd to conduct a survey of the 1,069 MW Upper Arun Hydropower Project.

The Ministry of Energy, Water Resources and Irrigation issued a license to the Nepal Electricity Authority (NEA)-owned company seven years after the government had decided to develop the project by mobilizing its own resources.

The government has announced that the public will be allowed to invest in the project.

The World Bank, European Investment Bank, the Employee’s Provident Fund (EPF) and the Citizen Investment Trust (CIT) have agreed to finance the mega-project targeted to be completed in seven years.