Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Ministry of Finance consulted representatives of donor organizations on Thursday to determine the investment amount for the 1,061 megawatt Upper Arun Hydropower Project.
Regarding the financial closure of the partially reservoir-based project, representatives from the World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), German government, OPEC Fund, European Union, European Investment Bank, and other development partners were consulted. .
Martin Raiser, vice president of the World Bank for South Asia, was also present at the meeting.
The World Bank’s interest in making an investment in the Upper Arun, according to Finance Minister Dr. Prakash Sharan Mahat, is a wise move.
“We had anticipated the World Bank’s investment in Arun-III. Additionally prepared was the World Bank, but various factors prevented it from happening. The Finance Minister expressed his extreme happiness that constructive discussions are now being had regarding the Upper Arun investment issue.
Minister for Energy, Water Resources, and Irrigation Shakti Basnet attended the meeting as well.
According to the Upper Arun Hydropower Project’s study, the project will likely cost somewhere in the neighborhood of $1.08 billion USD.
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