Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: A loan agreement worth Rs 18.25 billion has been signed with the Asian Development Bank (ADB) for the modernization of Nepal’s electrical grid.
The agreement was signed by Joint Secretary Shrikrishna Nepal and Office In-Charge of the Asian Development Bank’s Nepal Residential Office Rudy Van Dale on behalf of the government at a program organized at the Ministry of Finance.
Joint Secretary Nepal informed that the objective is to improve the power transmission and distribution system of the Electric Grid Modernization Project, to make the power supply sustainable and reliable by modernizing the power grid and to develop and strengthen the capacity of Nepal Electricity Authority.
The total cost of the electric grid modernization project is about Rs. 22.81 billion and Rs 18.25 billion will be borne by the Asian Development Bank and the remaining Rs. 4.56 billion will be invested by the Government of Nepal and Nepal Electricity Authority.
The Ministry of Finance has stated that the energy saved from the power grid modernization project can be exported to the neighboring countries by minimizing the energy loss due to power leakage and this will also make a positive contribution to the economic activities of the country.
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