Prabhu Group to raise Rs 1 billion for tunnel highway

KATHMANDU, July 2:

Prabhu Group has expressed commitment to raise around Rs 1 billion for the construction of Kathmandu-Hetauda Tunnel Highway.

The group signed a Memorandum of Understanding (MoU) with Nepal Purbadhar Bikash Company Limited (NPBCL), which is implementing the project, regarding investment mobilization amid a program on Monday.

Officials of Prabhu Group said they will encourage Nepalis working in foreign land to utilize their hard earned money in the productive sector. “This is a step toward encouraging Nepalis to invest the money received through remittance in a productive sector,” Kusum Lama, vice chairman of Prabhu Group, said.
Prabhu Group will also encourage Nepalis to invest in the project. According to NPBCL, one should invest at least Rs 10,000 in the project.

The group has also said it would provide loan to people who are interested to invest in the project through Prabhu Finance.
“But as most of the remittances are sent by Nepalis working in Gulf countries and Malaysia, where their earning is relatively low, officials of NPBCAL should assure them that their investment is in safe hands,” Devi Prakash Bhattachan, chairman of Prabhu Group, said.

According to officials of Prabhu Group, they would request Nepalis to invest in the project through outlets of Prabhu Money Transfer in foreign countries.
Speaking on the occasion, Kush Kumar Joshi, chairman of NPBCL said construction works on the mega project would begin from mid-July if weather is favorable. The project is expected to be completed in Decmber 2016.

The 58-km tunnel highway, which will link Kathmandu with Hetauda, is estimated to cost Rs 34.5 billion. The project is being executed under the private, public and people´s partnership (4Ps) model based on the Private Financing in Build, Own, Operate and Transfer Act 2006 (BOOT Act).

Source: Republica