Category: Finance

NEA signs PPA with People’s Power

22 August, Kathmandu: The Nepal Electricity Authority (NEA) has signed a power purchase agreement (PPA) to be generated from the People’s Power Limited. NEA Officiating Managing Director Jaldishwarman Singh and Bharat Bahadur Khatri on behalf of the company signed a deal on PPA amidst programme at NEA on Monday. The 4.96-megawatt project is based in Ilam district and the NEA has agreed to purchase the electricity to be produced by it at Rs 8.40 per unit in winter and at Rs 4.80 per unit in rainy season. The project having a total cost of Rs 900 million will be...

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Construction of tunnel at Ghalemdi Hydro Power Project

21 August, Babiyachaur (Myagdi): The construction of a tunnel of Ghalemdi Hydro Power Project at Narchyang of Annapurna rural municipality – 4 has been completed. Two tunnels constructed from the dam and outlet were linked together on Sunday under the five – megawatt project being developed by the Ghalemdi Hydro Ltd. A 1000 – metre tunnel was constructed from the outlet which was linked with the 695 – metre tunnel jutting out from the dam, according to company’s Chairman, Kishor Subedi. Due to lack of a road network to the dam located in the lap of Mt Annapurna, the...

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Floodwaters wash away fishes worth Rs 190 million

20 August, Pathari (Morang): The floodwaters have washed away fishes worth millions of rupees from fish farms across Morang following incessant downpour a week ago. The floodwaters broke into the farms running at various locations under the Prime Minister Agriculture Modernization Project sweeping away fishes worth around an estimated Rs 190 million, according to Project Implementation Unit Chief, Pramod Risal. The flooding swept away Rs 120 million worth of fishes from the ponds in Rangeli alone, according to authorities here....

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Agro sector incurs loss of Rs 8.64 b in flooding, landslides: MoAD

20 August, Kathmandu: The agricultural sector has incurred losses worth around Rs 8.64 billion due to recent sporadic incidents of flooding and landslides across the country, said the Ministry of Agricultural Development (MoAD). The disaster has ruined most of the paddy plantations and fish farming in the worst disaster-hit Tarai districts in particular, said Minister for Agricultural Development Ram Krishna Yadav. On dispensing relief to the flood victims, he said, a special relief package would be announced within August 26. He also informed that a high level committee has been formed, and relief programmes would be launched soon. He...

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Country sees trade deficit of Rs 900 billion

18 August, Kathmandu: The country has witnessed the trade deficit of about Rs 909 billion in the last fiscal year, according to the Ministry of Commerce. The trade deficit with India has cross Rs 600 billion while the volume of trade deficit with China is Rs 128 billion in the last fiscal year. Similarly, the country had the trade deficit of Rs 182 billion with other countries. The stakeholders said that the trade deficit was increasing year by year for lack of promotion and marketing of exports goods. At a meeting of the Industry, Commerce and Consumer Rights Protection...

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NEA continues to reduce losses, anti-power leakage campaign turns meaningful

17 August, Kathmandu: The Nepal Electricity Authority (NEA) has been able to reduce its losses significantly by Rs 7 billion in the last fiscal year (2073/074 BS) and its loss now stands at Rs 970 million only. The NEA, that had been suffering loss since 2002, could reduce its losses by controlling power leakage, reforms in management and hiking the tariff among others. At a programme organized here today by the NEA on its 32nd anniversary, it was shared that the NEA could gain Rs 50.22 billion as an increment in income in 2073/074 through the sales of electricity...

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EU contributes 1.6 million Euros for Nepal elections

16 August, Kathmandu: The European Union (EU) and the United Nations Development Programme (UNDP) have signed an agreement for an additional Euro 1.6 million grant as part of the electoral assistance to Nepal to reinforce their cooperation with the Election Commission of Nepal (ECN). The grant will be used to provide needful electoral assistance to the ECN through the UNDP-managed Electoral Support Project (ESP). Ms. Rensje Teerink, EU Ambassador to Nepal and Mr. Renaud Meyer, the Country Director of UNDP in Nepal signed the agreement to this effect on Wednesday. The European Union has already provided financial assistance of...

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Electric power restored in Morang and Sunsari

16 August, Biratnagar: Power supply has been restored in Morang and Sunsari districts after five days of blackout. The power supply to the districts was cut off after monsoon – triggered flooding entered the substation building at Sunsari causing considerable damages to the equipment on Friday night. The water was drawn out of the building through six pumping sets on Sunday. The electric power was restored after tests were carried out on the equipment inundated by the floodwaters. Although the power supply resumed last night, many places faced power outage from 3 am onwards. The members of the general...

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Ministry employees contribute over Rs 12 million to flood victims

15 August, Kathmandu: All employees of the Ministry of Agricultural Development and bodies under it have contributed Rs 120 million for the rescue and relief works in the aftermath of the flood and landslides that occurred in the country in the recent days. A meeting of the chiefs of all the bodies under the Ministry chaired by Minister for Agricultural Development Ram Krishna Yadav on Monday decided to contribute that amount for that purpose deducting from the salary of all employees, the Ministry has stated. Accordingly, five days’ salary of the secretary at the Ministry, four days’ salary of...

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Bedkot Municipality budget over Rs 450 million

15 August, Kanchanpur: The Bedkot Municipality’s first town assembly has passed a budget of Rs 455 million 544 thousand for the fiscal year 2017/18. Along with the budget, the town assembly has also passed the municipality’s policy and programme for the current fiscal year. Out of the total budgetary allocation, the municipality has estimated Rs 250.9 million under the financial matching of the federal government, Rs 99.3 million under the conditional loan of the federal government and Rs 8 million income from internal sources. The town assembly has estimated Rs 80 million for the social security. Likewise, the capital...

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