Kathmandu. Kathmandu: An agreement on financial management has been signed for the construction of 31.9 MW Upper Mewakhola Hydropower Project. A memorandum of understanding (MoU) has been signed with Laxmi Sunrise Bank under the leadership of Global IME Bank Limited for the construction of the hydropower project.
Sourya Holding Pvt Ltd, the promoter company of the project, and the bank have signed an agreement for financial management. According to the agreement, a consortium led by Global IME Bank and participating in Laxmi Sunrise Bank will invest Rs 4.85 billion in the project.
The agreement was signed by Kalyan Bikram Pandey, Chief Business Officer of Global IME Bank, Manish Raj Kunwar, Chief Business Officer of Laxmi Sunrise Bank and Mohan Bikram Karki, Managing Director of Sourya Holding Pvt. Ltd.
Surendra Raj Regmi, CHIEF Executive Officer of Global IME Bank, expressed the belief that the project would be completed within the stipulated time frame, which would increase the energy production of the state and also help in export promotion.
The estimated cost of the hydropower project to be constructed in Taplejung is Rs 6.37 billion. As per the agreement, the bank will invest 75 per cent and the remaining 25 per cent will be invested by Sourya Holding. The project will be completed within three years from the date of commencement of construction.
