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Economy

Construction of Kathmandu View Tower at snail’s pace

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KATHMANDU — Construction of Kathmandu View Tower at the Old Bus Park in Kathmandu is at a snail’s pace which will likely to delay the project completion on given time, said the Kathmandu Metropolitan City.

Now building foundation for the project is on, which is in the first phase, said KMC’s Public-Private Partnership Unit Chief Mahesh Kafle.

“The project will not complete in time as the construction is slow,” Kafle said.

The project was signed on March 6, 2015 between the Jaleshwor Swochchhanda Bikoi Builders Pvt. Ltd. and the KMC with the completion target of five years.  A total of workers are at work at present.

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The initial plan was to build a 29- storey building, but the project was reduced to 12 floors following the earthquake of April, 2015. The project will occupy approximately 23 ropani of land.

The construction company will have to pay an annual rent fare of Rs 9.8 million in the course of the construction, and the rent fare will increase to Rs 23.5 million annually.

Royalty will be increased five percent every year. The contractor will hand over the project to the KMC after 30 years.

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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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