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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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NRB to unveil monetary policy today

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KATHMANDU — Nepal Rastra Bank is unveiling the Monetary Policy 2018-19 on Wednesday, introducing a provision whereby domestic commercial banks will be able to hedge against convertible foreign currency by borrowing from foreign banks.

The central regulatory and monetary authority has opened a borrowing facility from foreign banks to meet the credit requirement in the production and infrastructure sectors, according to central bank sources.

The Monetary Policy is expected to bring down the cash reserve ratio from six per cent of the current fiscal to five per cent, eyeing the liquidity scenario.

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The monetary policy for the next fiscal will also narrow down the weighted interest spread rate from five per cent. In the context of commercial banks not being able to meet the priority sector lending mainly in the agriculture sector, the monetary policy is likely to extend a year’s period for banks to meet the priority sector or productive sector lending provision.

The Financial Sector Development Strategy of the government has also envisioned narrowing down the weighted interest rate spread.

According to the sources, the monetary policy would ease the provision of margin lending due to the depression witnessed in the stock market.

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