June 9: The Ministry of Finance on Thursday consulted donor agencies' representatives for arranging the investment fund for Upper Arun Hydropower Project with capacity of 1,061 megawatt.
The representatives of 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 regarding the financial closure of the semi-reservoir-based project.
During the meeting, World Bank Vice President for South Asia Martin Raiser was also present.
On the occasion, Finance Minister Dr Prakash Sharan Mahat said the World Bank's interest to invest in the Upper Arun was a positive move.
"We had expected the World Bank's investment on Arun-III. The World Bank was also ready but it did not happen due to different reasons. It is a matter of immense pleasure that positive talks are now held on the investment issue of Upper Arun," the Finance Minister said.
During the meeting, Minister for Energy, Water Resources and Irrigation Shakti Basnet was also present.
As per the study by the Upper Arun Hydropower Project, the total estimated cost of the project is around 1.8 billion US dollars. (RSS)