Citizens Bank forms consortium with 7 banks to extend loan of Rs 675 crore to 50 MW Mewa Khola Hydro Project

Citizens Bank International has completed a financial closure process with 50 MW Mewa Khola Hydro Project to be built by United Mewa Khola Hydro project at Meringden Gaupalika of Taplejung district.

Citizens Bank has completed a loan agreement worth Rs 675 crore with the consortium of other banks that also include Kumari Bank, Mega Bank Nepal, Nepal Infrastructure Bank, Siddhartha Bank, Nepal SBI Bank, and Civil Bank.

The hydro project aims to complete the construction of the project within three years employing the fund of Rs 900 crore following which the produced power will be evacuated to the national grid via Dhungesangu sub-station of Koshi corridor of NEA, as per the media statement.