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IBN refutes govt claim on West Seti Hydro Project

Gorkha Post

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KATHMANDU — Investment Board Nepal (IBN) has said that it was holding deliberations with China Three Gorges Corporation (CTGC) regarding the financial viability of the West Seti Hydropower Project (750 MW) refuting Finance Ministry’s claims that the government would build the West Seti Hydropower Project with internal resources as stated in the recently released budget for fiscal year 2018-19.

Issuing a statement on Wednesday, the IBN has said that there has been no decision to scrap the pact signed with China Three Gorges Corporation (CTGC)– the proposed developer of the 750MW reservoir-type project.

IBN said a study committee, formed by its 29th Board Meeting chaired by Prime Minister KP Sharma Oli as per CTCG’s request for some clarity on financial viability of the project, has already submitted its report and that the report is under consideration.

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“Recent media reports suggesting that the accord signed with the CTCG will be scrapped and the government will build the project on its own have drawn our attention,” the statement reads.

“No such decision has been made by the government.”

The statement came after the government’s announcement to build the reservoir project by mobilizing internal resources.

Finance Minister Yubaraj Khatiwada, while presenting the federal budget for the next fiscal year on May 29, had said the construction work on West Seti would be commenced by mobilising internal resources.

The project, located in far-western Nepal, has been languishing in uncertainty after the CTGC said it would not go ahead with the scheme if the power purchase rate was not increased.

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Economy

Sugarcane being exported to India from Mahakali

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BHIMDUTTANAGAR- Sugarcane farmers of Mahakali Municipality in Kanchanpur have started getting relatively better price of their products in the Indian market than in the local market.

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“Farmers of Dodhara Chandani sell sugarcane in India as its selling price is relatively higher in Indian market”, said Puran Bahadur Chadaro, a local sugarcane entrepreneur.

Sugarcane is being sold out in Indian market at Indian Currency 400 (RS 640) per kg while it is only Rs 400 in Nepali market.

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