Nepal – the country of the Buddha and the Mt. Everest

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Posts Tagged ‘Pokhara International Airport’

Nepal to seek US$ 5b credit during Wen visit

Posted by Ram Kumar Shrestha on December 12, 2011

MILAN MANI SHARMA

KATHMANDU, Dec 13: Nepal is seeking a credit line of US$ 5 billion (about Rs 400 billion) from the northern neighbor for implementing large scale infrastructure projects, mainly in hydropower, when Chinese Premier Wen Jiabao visits Nepal next week.

The government is also preparing to request China to expand the list of items that Nepal can export at zero duty to the northern market and sign a bilateral investment protection and promotion agreement (BIPPA) to lure and secure more Chinese investments into this country.

The projects for which the government is hoping for Chinese assistance are Pokhara International Airport, West Seti Hydropower Project (750 MW), Budi Gandaki Hydropower Project (600 MW) and Nalshyagugad Hydropower Project (400 MW).

“These are clearly identified as feasible large scale projects and can help the country fulfill its longer-term interests,” said a government source, disclosing Nepal´s endeavors.

Besides, the Ministry of Finance (MoF) also had formally requested Chinese assistance for developing these projects, at different intervals a few months ago.

Officials said harnessing the potential of the West Seti — a large storage project– will alone need investments of US$ 1.60 billion. Though the government had initially planned to develop it with loan assistance from the Asian Development Bank, its fate had been in limbo after an Australian company failed to execute the project following local protests.  Read the rest of this entry »

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