Category: Finance

ADB lending hits record high amid rising infrastructure demand

26 April, Manila: The Asian Development Bank (ADB) annual operations exceeded the 30 billion U.S. dollars mark for the first time in its 50-year history last year as regional demand for development finance and knowledge, particularly on infrastructure, continues to grow, said the bank’s 2016 annual report released on Tuesday. The new report said ADB’s total lending in 2016, including cofinancing, reached 31.70 billion U.S. dollars, or an 18 percent increase from 2015. The total includes 17.47 billion U.S. dollars in approvals for loans and grants, 169 million dollars for technical assistance, and 14.06 billion dollars for cofinancing, which...

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Country’s GDP growth rate remains 6.94%: CBS

26 April, Kathmandu: The Gross Domestic Products (GDP) growth rate in the fiscal year 2073/074 is likely to be 6.94 per cent, the Central Bureau of Statistics (CBS) forecasts. The GDP growth was estimated 0.01 per cent in the review period last year. At a press meet on Tuesday, the CBS said that growth in GDP expansion was encouraging based on the economic data of the first six to nine months and speculation of remaining period. According to the CBS, economy witnessed positive growth due to favourable climatic condition, progress in construction works and an end to the energy...

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GSM service starts in villages beyond the reach of telecommunications service

24 April, Taplejung: A GSM Tower has comes into operation in Khewang village in Sirijangha Village Council – 7. The GSM (2G) service has started with the completion of the construction of the tower in the village, which had remained beyond the reach of the mobile phone service. The residents of Khewang, Yamphudin, Mamamkhe, Pedang, Tellok, Sidding, Mehel, Surumkhim and Limbudin have benefited from the newly introduced service. This is the first time a telecommunications tower has been built in the village. The villagers had earlier been relying on CDMA service and Ncell Tower located elsewhere. Before the villagers...

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Boy injured in crocodile attack gets more than Rs 250,000 financial aid

23 April, Ratnanagar (Chitwan): More than Rs 250,000 financial aid has been collected for the treatment of a boy injured in a crocodile attack in western Chitwan. Arjun Harijan, 12, of Ghailaghari in western Chitwan was injured in a crocodile attack when he was swimming in Rapti river, Chitwan, on April 7. The financial assistance was collected from Nepalis living in and out of the country for the treatment after the news related to the incident was disseminated by the RSS. Dhruba Raj Giri of Tanahun district, currently living in US, provided Rs 51,015 at the initiative of a...

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Entrepreneurs to not operate buses on trail routes during monsoon

22 April, Janakpurdham: The transport entrepreneurs in Janakpur have drawn the attention of the concerned authorities towards their inability to operate public buses during the monsoon season along three routes that are in need of repair and maintenance. Janakpur Zone Bus Entrepreneurs Association has stated that the decision was taken against operating buses in monsoon in view of the dilapidated road conditions and the possibility of accidents along Janakpur – Bhithamore – Matihani, Janakpur – Jatahi and Janakpur – Tinkauriya – Sadhara routes. The Association issued a statement apprising of its decision to not operate transport services along the...

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Government to serve as guarantor to purchase wide-body aircraft for NAC

20 April, Kathmandu: The government has decided to stand as a guarantor for the purchase of two wide-body aircraft by Nepal Airlines Corporation (NAC). A meeting of the Council of Ministers today took a decision in this regard. It is noted that NAC on April 7 signed a final deal with a US-based Company to buy two wide-body aircraft at a cost of Rs 21.90 billion. Likewise, the Cabinet meeting decided to grant permission to the European Union to purchase a piece of land in Nepal, according to Energy Minister Janardan Sharma who was also present in the meeting....

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Health Ministry seeks Rs. 1.7 trillion for seven years

19 April, Kathmandu: The Health Ministry has sought Rs. 1.7 trillion from the government to establish and upgrade all the health institutions across the country within the next seven years. The budget was demanded for the seven-year integrated health infrastructure plan that the Ministry has developed to ensure the required equipments, physical infrastructure and human resources in all the health institutions in the country. The proposal to this end was tabled before the Finance Ministry on Tuesday. The Ministry has taken the proposal positively, said Pratap Poudel, chief advisor to the Health Minister. The Finance Ministry has been providing...

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Migrants establish revolving fund of Rs 10 million back in village

15 April, Baglung: The local residents of Kathekhola Rural Municipality-5 and 6 going for overseas jobs have founded a revolving fund of Rs 10 million. Announcing the establishment of the revolving fund on Friday, Chairman of Bihukot Samaj Japan Devilal Subedi said that the fund was established to help the community in education, health care, disaster management and social works. Subedi handed over the bank cheque of Rs 10 million to Chairman of Japan Samaj Bihukot Gaurishankar Sharma saying that amount for the fund was collected from the permanent residents of Bihukot currently residing in Japan. The Japan Samaj...

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NAC calls bidding for auction sale of aircraft

11 April, Kathmandu: The Nepal Airlines Corporation (NAC) has announced a global tender for auction sale of its 30-year-old aircraft—Boeing B757-200 9N-ACA. The sale aims to save aviation turbine fuel required to operate the old aircraft and costs required to repair it time and again, said NAC’s Spokesperson Rabindra Shrestha. The NAC has also set the auction price at minimum USD 1.7 million. It costs approximately USD 4 million to purchase a new brand aircraft of its kind in the market. Of the two planes purchased 30 years ago, one is in operation currently (Boeing 9N-ACB), he said. The...

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Over Rs 12 m worth of property burnt down in Jhapa fire

9 April, Baniyani (Jhapa): A fire broke out at a furniture industry in Bhadrapur-8 in Jhapa today morning, destroying property worth more than Rs 12 million. A short-circuit caused the explosion of cooking gas cylinders, burning down Rs 12.5 million worth of good and equipments used for furnishing, clothes and other household materials, said Deputy Superintendent of Police Netra Bahadur Karki. The exact details of the loss is yet to be ascertained. The industry was owned by local resident Debendra Basnet. The flame that started at around 3 am was doused about four hours later with the help of...

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