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South Korea provides 10 mln US Dollar grant assistance

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KATHMANDU — The government of South Korea, Korea International Cooperation Agency (KOICA), has agreed to provide 10 million US dollar (approximately Rs 1.02 billion) grant assistance to the project for the Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University (KU).

The objective of the project is to contribute for integrated rural development of Nepal by strengthening research and development capacity of KU and to promote technology innovation for improving quality of life and income status of people in rural communities in Nepal.

At a programme organised at the Ministry of Finance today, Finance Secretary Shankar Prasad Adhikari, and Park Young-sik, Ambassador of Korea to Nepal, signed the MoU.

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Kathmandu University is an autonomous and non-for-profit institution dedicated to maintain high standards of academic excellence.

The implementing agencies of the project are KOICA, Nepal and KU. The duration of the project will be from 2018-2023.

On the occasion, Finance Secretary, Adhikari, on the behalf of the government, expressed appreciation to the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.

South Korea provides 10 mln US Dollar grant assistane

KATHMANDU — The government of South Korea, Korea International Cooperation Agency (KOICA), has agreed to provide 10 million US dollar (approximately Rs 1.02 billion) grant assistance to the project for the Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University (KU).

The objective of the project is to contribute for integrated rural development of Nepal by strengthening research and development capacity of KU and to promote technology innovation for improving quality of life and income status of people in rural communities in Nepal.

At a programme organised at the Ministry of Finance today, Finance Secretary Shankar Prasad Adhikari, and Park Young-sik, Ambassador of Korea to Nepal, signed the MoU.

Kathmandu University is an autonomous and non-for-profit institution dedicated to maintain high standards of academic excellence.

The implementing agencies of the project are KOICA, Nepal and KU. The duration of the project will be from 2018-2023.

On the occasion, Finance Secretary, Adhikari, on the behalf of the government, expressed appreciation to the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.

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Economy

NPC urges government to seek clarification from Chinese firm

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KATHMANDU — The National Planning Commission (NPC) has urged the government to seek clarification from China Three Gorges International Corporation (CTGC) over the construction of the Paschim (West) Seti Hydro Power Project.

The meeting of the NPC that began on Sunday, made the decision of seeking clarification from the company with a time period of 90 days regarding the construction of 750 MW hydropower project.

The hydropower project, which is expected to be completed in an investment of 1.60 billion rupees, will have 65 percent investments from the CTGC, 25 percent from the National Electricity Authority (NEA) and the 10 percent investments from the locals as share, as per the plans made before.

CTGC can sell off its 14 percent of its total 65 percent share to the Nepali investors. But the CTGC has been showing dissatisfaction over the rate of purchasing the electricity per unit (PPA). Previously it had asked the NEA to review the rate but got a negative response.

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“We have suggested the government to interrogate the company whether it will be able to complete the project or not. What has been the problem to expedite the construction along with the terms and conditions which the company wants to put forward,” NPC Vice President Swarnim Wagle said.

The CGTC, which has been delaying the construction over its dissatisfaction over the PPA, has been threatening to walk out of the construction.

The project, which covers the area of Doti, Dadeldhura, Baitadi, and Bajhang districts of Far Western Development Region of Nepal, can produce 3.33 billion units of electricity on yearly basis, accoridng to the probability study of the project.

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