First Business News Portal in English from Nepal
KATHMANDU: NMB Bank has successfully executed financial closure of Kabeli – 3 Hydroelectric Project having installed capacity of 21.93 MW. The project is located at Sirijangha Rural Municipality, Taplejung.
The Financial Closure Agreement of project has been signed on 23rd May, 2022 with lead financing from NMB Bank and Century Commercial Bank as Member Bank. Nepal Electricity Authority (NEA) has already facilitated for the construction of project by signing Power Purchase Agreement (PPA) with the company.
The total estimated cost of project stands at NPR 4,285 Million. Out of total estimated cost, NPR 3,213 Million shall be financed by Consortium Banks for the development of project. As NMB Bank Limited heads the signing agreement as a lead facilitator of debt package in hydro power project financing, it now rests with total number of 43 projects in its hydro portfolio.
NMB Bank Ltd. has already adopted Environmental and Social Policy and started implementing Environmental and Social Management System within its business portfolio as directed by Nepal Rastra Bank guidelines on Environmental and Social Risk Management. In addition, Bank is committed to apply international good practices such as IFC performance standards in project financing including hydropower sectors.
‘The Banker Magazine’ of The Financial Times, London, has awarded NMB Bank with the prestigious Bank of the Year Asia 2021. The bank has also been awarded with Bank of the Year in 2017, 2018, 2020 & 2021. NMB Bank is currently providing its services through 201 branches, 138 ATMs and 11 extension counters.
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