Api Power Company signs pact with Nepal SBI Bank & Prabhu Bank for Rs 1 arba loan

Api Power Company Limited has signed an agreement with Nepal SBI Bank Limited and Prabhu Bank Limited on Magh 10, 2073. The commercial banks duo has signed the agreement with the hydropower company to provide loan of Rs 100 crore for the construction of 8MW Upper Naugarh Gad Small Hydroelectricity Project. The total estimated cost for the construction of the hydropower company is Rs 144 crore of which Nepal SBI Bank and Prabhu Bank will provide loan of Rs 55 crore and Rs 45 crore respectively. The bank will bear 70% of the expense i.e. Rs 100 crore as loan and the company’s shareholder will have investment in the remaining 30% i.e. Rs 44 crore in the construction of the hydropower project. In a press statement issued by the hydropower company, it read the construction of the hydropower project will be accomplished by the end of FY 2073/74.