Kathmandu, February 16
The European Investment Bank (EIB) will provide Rs 12.4 billion grant to the Government of Nepal for its electricity system upgrading project.
The chief of the International Economic Cooperation Coordination Division in the Ministry of Finance, Shree Krishna Nepal, and the director of the Department in the EIB, Maria Shaw-Barragan and legal counsel at the EIB, Borja Oxangoiti, jointly signed a loan agreement regarding the grant amid an event recently.
The grant would be utilised in expanding electricity access, increasing electricity supply and facilitating power trade in Province 5, Karnali and Sudurpaschim, the Ministry of Finance said, adding that the Nepal Electricity Authority, the state-owned parent generator and distributor of electric power, had set a deadline of December 2023 to complete the project.
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