KAVRE: The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to carry out a detailed study of the market for a Smart City project in Panchkhal Municipality of Kavrepalanchok district.

The JLL has been given two months’ time for the work.

NIFRA had reached an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of understanding was signed between the municipality Mayor Mahesh Kharel and NIFRA Executive Officer Ram Krishna Khatiwada for the same.

The public-private partnership project covering around 4,500 ropanis land is estimated to cost approximately Rs 2 billion. After the JLL submits the study report, NIFRA would forward the works.

Even a discussion has been held with people’s representatives, political parties, and concerned stakeholders to take forward the project. Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the cost of construction of infrastructure.