The construction of Arun-III hydropower project in Nepal's Sankhuwasabha district is on fast-track as five Indian banks and two Nepali banks have committed to lend debts for the construction of 900 MW mega power project. Nabil Bank signed a pact with India's Satluj Jal Vidyut Nigam (SJVN), setting a record of largest ever foreign direct investment to the Himalayan nation. Arun-III is Nepal's largest hydro project and is being built with India's assistance. Anil Keshari Shah, CEO, Nabil Bank, informed that Engagement of Nepali banks during the construction of this project will test their capability and lend new experience. Everest Bank and Nabil Bank from Nepal will provide the debt of 1,536 crore Nepali rupees for the project whereas five Indian banks - State Bank of India, Punjab National Bank, Axim Bank, and UBI have pledged 8,598 crore Nepali rupees for the same. The total debt tied up with the banks is 7,860 crore Nepali rupees plus 2,274 crore Nepali rupees as a stand-by line of credit. The SJVN Arun-3 Power Development Company will invest approximately 11,000 crore Nepali rupees in Nepal over the next five years. The total investment of the project is estimated to cross ₹115 billion, including ₹11 billion for the development of the transmission line.
📅Published on:
18 August 2020
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