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Kathmandu, December 31: Managing Director of Nepal Electricity Authority (NEA) Kulman Ghising has said that preparations are underway to build the Upper Arun Hydropower Project with the investment of the Nepali people if there is no financial support from the World Bank and ADB.

Managing Director Ghising said that the process of managing the Upper Arun Hydropower Project from international financial institutions under the leadership of the World Bank has moved forward. Ghising said that if the financial management could not made by Mid-July, there is a plan to build the project on the model of Upper Tamakoshi with the investment of domestic banks and financial institutions and the Nepali people.

He said the NEA is trying to take forward the Upper Arun Hydropower Project as a model project of blended financing with the participation of the Government of Nepal, the province governments, local levels of the project-affected districts, the people of the project-affected districts, the general public, concessional loans from international multilateral development partners and loan investment from domestic banks and financial institutions.

Ghising said the 1,063 MW Upper Arun Hydropower Project is essential for Nepal. If there is no financial support from the World Bank, ADB and other development partners, the project can be constructed by the Nepali people and financial institutions of Nepal, Ghising remarked.

People’s News Monitoring Service.