Kathmandu. KATHMANDU: The Government of Nepal and the Government of Japan have signed a loan agreement for the Koteshwor Chowk Improvement Project. The agreement was signed amidst a function organized at the Ministry of Finance in the presence of Finance Minister Rameshwor Prasad Khanal.
Japan had provided loan assistance of JPY 34.59 billion (approximately Rs 31.76 billion) for the project. The loan will have a grace period of 10 years, a repayment period of 30 years and an interest rate of 0.2 percent annually.
Under this project, underpasses and flyovers will be constructed in Koteshwor and Jadibuti sections. P. It is expected to contribute significantly to ease the movement of vehicles on the highway and reduce traffic congestion. The project will be implemented through the Department of Roads under the Ministry of Physical Infrastructure and Transport.
In the exchange of notes related to loan assistance, Finance Secretary Dr. The MoU was signed by Ambassador of Japan to Nepal Maeda Toru and Ghanashyam Upadhyaya. Similarly, the loan agreement was signed by Chief Joint Secretary of International Economic Relations Division of the Ministry of Finance, Dr. Dhaniram Sharma and JICA Nepal Chief Representative Mitsuzaki Mazuki signed the MoU.
The function was inaugurated by Joint Secretary Dr. It was delivered by Dhaniram Sharma. After the signing ceremony, JICA Nepal’s Chief Representative Mitsuzaki Mazuki, His Excellency Ambassador to Nepal Maeda Toru and Finance Minister Rameshwor Prasad Khanal expressed their commitment to take the bilateral cooperation further effectively.
On the occasion, Japanese Ambassador expressed confidence that the implementation of the Koteshwor Chowk improvement project would significantly improve transportation system in the Kathmandu Valley and recalled the decades-old friendly relations between Nepal and Japan.
In his address, Minister Khanal said that the project initiated with the objective of improving the important traffic congested areas of Kathmandu Valley under Nepal-Japan cooperation will bring a long-term change in the transportation management of Kathmandu Valley.
