November 3: Nine investors on Friday (November 1) signed a record agreement to invest a total of Rs 51.18 billion (US$ 453 million) for the Upper Trishuli-1 Hydropower Project. The 216-megawatt project is the biggest project of Nepal in terms of investment.

World Bank Group’s sister organization IFC, Asian Development Bank, Asian Infrastructure Development Bank, Korean Exim Bank, among others signed the agreement with the promoter of the project Nepal Water and Energy Development Company amid a function in the capital on Friday.  Finance Minister Dr Yuba Raj Khatiwada and Energy Minister Barsha Man Pun were present during the signing ceremony.

The total cost of the project is estimated to be US$ 647 million. Seventy percent cost of the project will be raised through loan.

As per the agreement, IFC will be providing a loan investment of US$ 160 million, ADB will be investing US$ 60 million, Asian Infrastructure Bank (US$ 39.6 million), Korean Exim Bank (US$ 100 million), Korean Development Bank (US$ 30.8 million).    Likewise, CDC Group will invest US$ 21.9 million, while other investors include Netherlands Development Finance Company (US$ 15.4 million), French Development Financial Institute (US$ 11 million), Opec Fund for International Development (US$ 13.2 million).