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China has given $200 million as soft loan to Nepal for the development of the proposed infrastructure projects, including a 61 MW hydropower project.
Nepal's Finance Minister Surendra Pandey said that the Upper Trishuli power project which is proposed to be developed in the Nuwakot district of Nepal will be done with Chinese aids. He also mentioned that Exim Bank of China and Nepal's finance ministry have entered into a MoU so that the bank can provide loans for the same.
The MoU which was signed by the Exim Bank Vice President Li Jun and Nepal's Finance Secretary Rameshwar Prasad Khanal will enable Exim Bank to provide loan at an annual 1.75 percent interest rate.
The power project will spend $120 million for the entire loan while the rest would be used for other infrastructure projects. Pandey said Nepal Electricity Authority would announce by this week the name of the company that has been shortlisted to execute the project.
