Loan agreement reached for Seti Hydropower Project

POKHARA: The Seti Hydropower Project under construction in Machhapuchhre Rural Municipality of Kaski has made a three thousand five hundred million rupees agreement with the leading banks and financial institutions recently.

The project promoted by Vision Lumbini Power Promotion Company has reached in agreement with NMB Bank, Employees Provident Fund, and Agricultural Develop Bank as the major investors in the project.

As per the agreement, the project will get Rs 2200 million through NMB Bank, 800 million through Employees Provident Fund, and 500 million through Agricultural Development Bank.

The 5700 million project has completed 10% of the tasks related to the civil sector.

The project identified in 2003 had been in the government basket long waiting for the prospective donors.

The agreement holds that 30% or 1500 million will be invested through the inhabitants of Kathmandu, Pokhara, Chitwan, Tanahun, Butwal, and Machhapuchhre Rural Municipality as the shareholders.

The share for the locals will be invited through IPO after the completion of the project. The project running as under construction for the last 9 months is expected to be completed in 18-20 months from now.