Banking

EXIM Bank agrees to provide 640m yuan loans to for Nepalese project

(Xinhua)
Updated: 2011-03-01 16:33

KATHMANDU - A series of agreements were signed between Fu Ziying, visiting vice minister of commerce of China and Rameshore Prasad Khanal, secretary of the Ministry of Finance on behalf of their respective governments Monday in capital Kathmandu.

According to the agreements, China through the Export-Import Bank of China (EXIM Bank) has agreed to provide a loan assistance of 640 million yuan ($87.4 million) for the construction of Upper Trisuli 3A Hydropower Project of Nepal.

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The project capacity of 60 mW is expected to help reduce power deficit from the present power crisis across the country and the construction work is expected to be completed within four years, according to the press release issued by the Ministry of Finance of Nepal.

Similarly, the Chinese government has also agreed to provide 50 million yuan assistance to the government of Nepal to promote the economic and technical cooperation between the two countries.

The assistance will be utilized for the implementation of mutually agreed projects, according to the press release.

Meanwhile, China has also agreed to provide the grant assistance for upgrading Kathmandu Ring Road (first phase) on Monday.

A Chinese delegation is visiting Nepal from Feb 26 to March 1 led by Fu, who also visited China-aided National Ayurveda Research and Training Center of Nepal and some other China-aided projects in Nepal.