KATHMANDU: Nepal Infrastructure Bank Limited (NIFRA) and SMEC International Private Limited (a member of the Surbana Jurong (SJ) Group, a Singapore-based global urban infrastructure consulting firm) signed a Memorandum of Understanding (MoU) in Kathmandu today for the development of a smart city in Panchkhal Municipality.
Chief Executive Officer of NIFRA Ram Krishna Khatiwada and Country Head of SMEC Mr. Salim Jahan Fahim signed the MoU on behalf of their respective agencies amidst a function here. The senior management of the bank, officials from SMEC and Spokesperson of Panchkhal Municipality Mr. Sanjay Lama were present in the signing ceremony.
The SMEC and NIFRA will handhold to conduct the preliminary studies, initial structuring of project and to exchange best practices on the development of smart cities. NIFRA will provide necessary facilitation and other services to SMEC during the engagement period.
Similarly, NIFRA will arrange necessary financing in coordination with other stakeholders as a lead financer for the development of the Smart City after completion of required studies, designs and legal structuring of the project.
Panchkhal Municipality has taken the lead in securing the required land in coordination with landowners in the municipality. Panchkhal Smart City, the first of its kind in Nepal, covers the area of around 5500 ropani. NIFRA has signed a separate MoU with Panchkhal Muncipality for the development of the smart city.
Meanwhile, NIFRA has signed a contract with a US-based consulting firm Jones Lang LaSalle Property Consultants Private Limited for market study of the proposed Smart City. The company is scheduled to submit its report within eight weeks, outlining viability and broader opportunities of the project.
During signing ceremony, Ram Krishna Khatiwada CEO of NIFRA, has reiterated NIFRA’s commitment on developing the next generation smart city in Nepal. He added that the collaboration with the globally renowned infrastructure development consultant will certainly help to materialize this vision to develop the first smart city in Nepal which will be a model for replicating in other parts of the country.
On behalf of Panchkhal Municipality, Spokesperson Lama thanked NIFRA for taking initiatives since the beginning to develop the Panchkhal Smart City. He said that the municipality is committed to providing all support that is required for the development of a smart city in Panchkhal.
Mohiuddin Mahmud, Deputy Chief Operating Officer- South Asia and Central Asia, from SMEC said the professional experience of SMEC and SJ in developing smart cities will be instrumental for development of the Panchkhal Smart city soon.