Kathmandu. KATHMANDU: Global IME Bank has signed a bilateral agreement for the financing of 166 MW Super Tamor Hydropower Project. An agreement has been signed between Crystal Power Development Pvt. Ltd., the promoter company of the project, and participating banks for the financial management of the project.

The agreement was signed by the bank’s co-led representatives Krishna Prasad Acharya and Assistant CEO of Global IME Bank, Mr. Deep Chandra Regmi in presence of Surendra Raj Regmi, Chief Executive Officer of Global IME Bank.

Global IME Bank, Siddhartha Bank, Laxmi Sunrise Bank, Prabhu Bank and Agricultural Development Bank and Nepal SBI Bank will invest Rs 19 billion in the project.

Global IME Bank will invest Rs 5 billion, Siddhartha Bank Rs 4 billion, Laxmi Sunrise Bank Rs 4 billion, Prabhu Bank Rs 3.5 billion, Agriculture Development Bank Rs 1.5 billion and Nepal SBI Bank Rs 1 billion.

Global IME Bank’s CEO Surendra Raj Regmi said that the completion of the project will be completed within the deadline and will contribute to increase power generation capacity of the state. He also extended best wishes for the project.

The 166-megawatts hydropower project is estimated to cost Rs 25 billion to be constructed on Tamor River in Faktanglung Rural Municipality of Taplejung district. As per the agreement, the bank will invest 75 percent of the total amount and the remaining 25 percent will be managed by the promoters and other investors. The project will be completed within 5 years from the start of construction.