Kathmandu : Eight commercial banks have agreed to invest Rs 5.75 billion under the leadership of Sanima Bank for the development of Supar Madi Hydropower Project situated in Madi Rural Municipality of Kaski district.
Chief Executive Officer of Sanima Bank Bhuwan Dahal and Executive Chairman of the Project Pushpa Jyoti Dhungana signed a paper on financial closure on Thursday for the construction of 44 megawatt project. The project is estimated to cost Rs 7.65 billion and is expected to generate power in three years of construction commencement.
Of the agreed amount, Sanima Bank would invest Rs 1 billion plus, NIC Asia Rs 850 million, NCC Bank and Sunrise Bank Rs 750 million each, Kumari Rs 700 million and Rs 600 million from the Agriculture Development Bank. Similarly, Rastriya Banijya Bank has promised to invest Rs 600 million and Prabhu Bank Rs 500 million. According to Dhungana, remaining amount would be collected from the investors themselves.
During the agreement signing programme, Minister for Culture, Tourism and Civil Aviation Rabindra Adhikari, CPN parliamentary party deputy leader Subas Nembang among others were present. RSS
