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Economy

MoU signed to construct Muktinath cable car

Gorkha Post

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KATHMANDU — Muktinath Cable Car Pvt Ltd (MCCPL) and Investment Board Nepal (IBN) have signed a memorandum of understanding (MoU) for preparing detailed project report of Muktinath Cable Car project on Wednesday.

Chief Executive Officer at the Board, Maha Prasad Adhikari, and Company Chairman Arun Kumar Subedi singed the MoU.

The deadline set to submit the DPR of the 83.65-kilometre-long cable car system has been set at February 2020, 18 months from now.

A cable car way would be constructed linking Birethanti of Kaski to Mustang. The cable car to be constructed with a length of 83.65 km will have six stations. The first station is Birethanti then Ghorepani, Tatopani, Lete, Marpha, Kagbeni and finally Muktinath.

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Investment Board’s Spokesperson Uttambhakta Wagle informed that the project is estimated to cost around Rs. 35 billion.

The construction of the cable car, first public-private partnership project, will be the longest cable car in Nepal.

In the recent time, initiatives are underway to construct two dozens of cable cars across the country, while the one in Kalinchowk of Dolakha is going to complete.

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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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