The Asian Infrastructure Investment Bank (AIIB) has approved a loan of up to US $ 90 million for the 216 MW Upper Trishuli-1 Hydropower Project, which is being developed by a Korean joint venture company.
The approval was made by the board of directors of AIIB on Monday. A press statement issued by the bank said Nepal’s power generation will increase by almost 20 percent with the completion of the project.
The project, whose estimated cost is US$ 650 million, will be financed entirely through foreign capital. Besides AIIB, the project has other co-funders including the International Finance Corporation, Asian Development Bank and other development institutions. The project is to be developed under build-own-operate-transfer model.
People’s News Monitoring Service
