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KFAED lends Nepal USD 17 million to finance power project.

| KUWAIT, March 22 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) has agreed to provide a loan assistance of USD 17 million to the government of Nepal for the implementation of the Budhi Ganga Hydropower Project, a statement by KFAED said on Friday.

The project with a capacity of generating 20 megawatt of electricity shall be operated in Achham district. The main objective of the project is to help the local people explore new opportunities through a better electricity supply and to support the government to mitigate the regional disparity.

The Department of Electricity Development under the Ministry of Energy is the executing agency of this project whereas the Ministry of Energy itself is the implementing agency. Madhhu Kumar Marasini, Joint Secretary and Chief of the International Economic Cooperation and Coordination Division at the Ministry of Finance in Nepal and Hesham al-Waqayan, Deputy Director General at KFAED signed the loan agreement on behalf of the respective sides. With the signing of this agreement, KFAED will have offered Nepal six loans, the last five of which costing about USD 40 million. (end) fnk.ajs KUNA 221911 Mar 13NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:9NEPA
Date:Mar 22, 2013
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