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China supports to reconstruct Tatopati border point

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KATHMANDU — The Chinese government has agreed to extend the assistance to Nepal for the projects on post-disaster recovery for Tatopani border point, the hospital recovery in Sindhupalchowk and reconstruction of Jiri Secondary School.

An agreement to this was signed and exchanged at the Ministry of Finance today, said a press statement issued by the Ministry.

Chinese government has pledged to provide Rs 48 billion grants for it.

Finance Secretary Shankar Prasad Adhikari and Chinese Ambassador to Nepal Yu Hong signed the agreements on behalf of the government of Nepal and the Chinese government respectively.

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For the resumption of the Tatopati border point, the budget would be used for renovation of building and establishment of protection measures, so that trade clearance capabilities would be improved.

Similarly, under hospital recovery project, a middle sized hospital equipped with necessary facilities having 39 beds would be constructed in Sindhupalchowk.

School reconstruction is aimed at recovering and improving school facilities and functions.

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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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