Business & Economy


China raises aid to Nepal Saturday, December 13th, 2014

KATHMANDU: China has become yet another development partner to raise foreign aid quota for the country, as it has pledged to increase grant assistance for Nepal by over 400 per cent in the next fiscal year. China is providing a grant of around RMB 800 million (approximately Rs 12.93 billion) in..

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Nepal selected for US Compact grant

Prakash Adhikari, KATHMANDU: Nepal selected for The United States Millennium Challenge Corporation programme (MCC). The MCC Board meeting, held in Washington DC on Wednesday, selected Nepal for the US government’s multi-year agreements to fund specific programmes targeted at reducing poverty and..

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Upper Trishulki-1 waiting for PDA‚ PPA Thursday, December 11th, 2014

KATHMANDU: The Upper Trishuli-1 Hydroelectricity Project (216 megawatt) is waiting for the signing of the project development agreement (PDA) and power purchase agreement (PPA),which will legitimise further construction of the project. The General Manager of the project, Baburam Bhardwaj stated..

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Air Malindo plan to serve TIA from Jan Wednesday, December 10th, 2014

KATHMANDU: Malindo Air is seeking to launch flights to Nepal’s capital Kathmandu from Jan 18 next year. The airline has sought official authorisation from the Nepalese government for permission to operate the Kuala Lumpur-Kathmandu route with Boeing 737 aircraft, said officials at Nepal’s..

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NMB‚ Prudential sign merger deal Monday, December 8th, 2014

KATHMANDU: NMB Bank, which embarked on a merger spree earlier this year, today signed another deal that would help it consolidate with Prudential Finance Company, a class ‘C’ financial institution. A Memorandum of Understanding, in this regard, was signed by Kamlesh Kumar Agrawal, a promoter..

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NRB declares NFL ‘troubled’ Friday, December 5th, 2014

KATHMANDU: Nepal Rastra Bank (NRB), the banking sector regulator, has declared Nepal Finance Ltd (NFL) ‘problematic’ as its financial health deteriorated drastically due to haphazard practices. The Kamaladi-based finance company has accumulated bad loans to the tune of 54.18 per cent of the..

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Exim Bank gives $1 billion to Nepal, the largest since 2011 Wednesday, December 3rd, 2014

MUMBAI: The Export-Import Bank of India (Exim Bank) on Wednesday said it had extended $1 billion in line of credit (LoC) to Nepal making it only the second time the bank had issued such a big credit line since it gave the same amount to Bangladesh in February 2011. The LoC will be used to finance..

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Nepal expected to benefit from energy agreements Friday, November 28th, 2014

KATHMANDU: Nepal is to be benefited from the recently concluded energy agreements among the SAARC nations. Indian companies are giving special interest to invest in the energy sector in Nepal and the Government of Nepal has also demonstrated a serious interest in this regard. The investment board..

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South Asian leaders reach last-minute energy deal

BINAJ GURUBACHARYA, KATHMANADU (AP): South Asian heads of state attending their first summit in three years reached a deal on energy sharing Thursday, but failed on two other economic agreements during a retreat where Indian and Pakistan leaders shook hands. Foreign ministers from the eight..

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SAARC Summit issues 36-pt declaration Thursday, November 27th, 2014

KATHMANDU: The 18th South Asian Association for Regional Cooperation (SAARC) Summit concluded today issuing a 36-point Kathmandu Declaration. The Summit had begun in Kathmandu yesterday. As incumbent Chairman of the regional body, Prime Minister Sushil Koirala had announced conclusion of the..

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Air Works inks tie-up with Nepal company Wednesday, November 26th, 2014

New Delhi(PTI): Aircraft engineering service provider Air Works today said it has entered into a joint venture with Yaksa Investment of Nepal to provide maintenance services to international and domestic airlines operating out of Tribhuvan International Airport in Kathmandu. The joint venture, Air..

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Nepal, India to Sign Projects Worth $2 Billion Tuesday, November 25th, 2014

KATHMANDU: Nepal and India will sign around a dozen pacts worth $2 billion covering sectors like energy, security, tourism and roads during Prime Minister Narendra Modi's visit for the Saarc summit. Nepal Prime Minister Sushil Koirala and Modi will witness the signing of the biggest ever economic..

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IBN finalize Arun-III PDA with rider

KATHMANDU: The board of directors of the Investment Board Nepal has approved the final draft of the Project Development Agreement on 900-megawatt Arun-III hydroelectric project on condition that a few amendments be made to the pact. The conditional endorsement was extended by the IBN’s board..

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China, Nepal sign MOU to develop border districts Friday, November 21st, 2014

KATHMANDU, (Xinhua): China agreed on Thursday to provide 10 million yuan (1.63 million US dollars) annually from 2014 to 2018 to help Nepal develop its northern districts bordering with China's Tibet Autonomous Region. According to a Memorandum of Understanding signed by Purna Chandr Bhattarai,..

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