Nepal Economic Digest (Sept 28, 2020)


September 28, 2020


Nepal Economic Digest (Sept 28, 2020)
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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

NRB invites Rs 20 billion worth debenture bidding

Nepal Rastra Bank (NRB) has called for bidding for the 20 billion worth debenture meant for 9 years period.

NRB, the central bank of the country, issued a notice declaring the bidding for the debenture bidding for ‘Development Debenture 2030 ‘D’.

According to NRB sources, the bidding will be under 2 categories Competitive and Uncompetitive with majority to go to the competitive category.

The ratio will be 85/15. In other words, debenture worth 17 billion will be allocated to Competitive and 3 billion for Uncompetitive.

Provided the amount allocated for uncompetitive category remains even after the bidding, it will be transferred to competitive category.

The interest of the debenture will be settled through bidding as well. The debenture thus procured can be used to mortgage and take loan as well.

The minimum denture to be bidden will be worth 50 thousand rupees. After today’s bidding, NRB will issue the debenture on Monday.

Prabhu Bank executes financial closure for Super Ankhu Khola Hydro Project

Prabhu Bank has successfully executed the financial closure of the Super Ankhu Khola Hydropower Project with the generation capacity of 24.4 MW.

Employees Provident Fund and Agriculture Development Bank (ADBL) have signed the agreement under the leadership of Prabhu Bank to invest Rs 3.42 billion (75 percent) of the total Rs 4.56 million investment.

The project is promoted by Gorakshya Hydropower Pvt. Prabhu Bank will invest Rs 1.82 billion, Employees Provident Fund Rs 850 million and Agriculture Development Bank (ADBL) Rs 750 million, while Rs 1.14 billion will be raised by the company through from the founders and the general public.

Chief Business Officer Renu Prasad Pandey on behalf of Prabhu Bank, Chief of Treasury and Investment Branch of Employees Provident Fund Arjun Kumar Gautam, Chief of Credit Branch of ADBL Minraj Pokharel and Managing Director Raghunath Puri of Gorakshya Hydropower Pvt. signed the agreement.

Turkish Airlines to resume three weekly flight in October

Turkish Airlines plans to resume three weekly flights from Kathmandu in the month of October.

The airline has only been operating one weekly flight since the Government of Nepal opened its airspace for scheduled flights, a statement issued by the Airlines said.

General Manager Turkish Airlines Kathmandu, Abdullah Tuncer Kececi says “We plan to operate three scheduled flights every week into Kathmandu from Istanbul from October. As Nepal is a tourism destination for us.  Depending on the entry requirements for foreigners and Nepalese living abroad, we will be preparing to increase the frequency in the coming months.”

Turkey has officially reopened its borders to all tourists under normal travel regulations. Since July, an estimated 3 million visitors have already travelled into the country.

‘Tourism Revival’ campaign officially launched

The ‘Tourism Revival’ campaign has been officially launched to jumpstart the country’s Covid-19-hit tourism industry.

The program has been launched with the aim of intensifying domestic tourism to fill the gap created by lack of international tourists as the country is yet to open for international tourists.

The campaign is expected to revitalize the country’s tourism industry. In a bid to promote domestic tourism, the tourism ministry is also proposing a two-day holiday a week plan for civil servants.

Earlier, Nepal Tourism Board (NTB) had formed a task force under the public private partnership (PPP) model to study the impact of COVID-19 pandemic on the tourism industry.

The taskforce consisted of representatives from the government, NTB and private sector.

The job of the task force was to come up with strategies for the revival of the sinking tourism industry hit hard by the COVID-19 pandemic since early 2020.

The task force studied international practices and prepared suggestions for safely resuming tourism activities in the country.

Compiled and prepared by Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

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