Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Global IME Bank Limited has spearheaded a financial closure agreement to fund the 31.92 MW Upper Mewa Khola Hydropower Project in Taplejung District, signing a deal with project developer Sauriya Holdings Pvt. Ltd. The consortium, led by Global IME Bank with participation from Laxmi Sunrise Bank, will invest NPR 4.857 billion (approximately USD 36.4 million), covering 75% of the project’s estimated NPR 6.37 billion (USD 47.7 million) cost. The remaining 25% will be raised by Sauriya Holdings through a rights issue.
The agreement was signed by Global IME Bank’s Chief Business Officer Kalyan Bikram Pandey, Laxmi Sunrise Bank’s Chief Business Officer Manish Raj Kunwar, and Sauriya Holdings’ Managing Director Mohan Bikram Karki, in the presence of Global IME Bank CEO Surendra Raj Regmi. Regmi expressed confidence that the project, slated for completion within three years from construction start, will boost Nepal’s energy production and support electricity exports.
Located on the Upper Mewa River, the project is expected to enhance Nepal’s renewable energy capacity and contribute to economic growth. Global IME Bank, named Nepal’s Best Bank in 2024 by Global Finance and Euro Money Awards for Excellence, leads the initiative with its extensive network of 352 branches, 385 ATMs, and over 1,000 service points across all 77 districts.
The bank also facilitates remittances from countries including the US, UK, Canada, Australia, and the Middle East, strengthening Nepal’s financial ecosystem.
The Upper Mewa Khola Hydropower Project underscores Nepal’s push for sustainable energy, with Global IME Bank’s financing role highlighting its commitment to national development.
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