Japan Provides 218 Million Dollars for Nepal’s Koteshwor Chowk

Nepal and Japan signed a loan agreement on Wednesday for the purpose of Koteshwor Chowk improvement project- one of the most vehicle-congested areas in Kathmandu.

The agreement was formalized at a program organized by the ministry of finance in the presence finance minister Rameshwor Khanal. Under the deal Japan will provide JPY 34.59 billions (approximately 216 millions US dollar)through the Japan International Cooperation Agency (JICA). The loan has 30 years of repayment period with 10 years of grace and an interest rate of 0.2 percent.

According to joint secretary Tanka Prasad Pandeya, the project will build an underpass and a flyover along the Koteshwor-Jadibuti section, which is expected to ease traffic congestion and benefit three districts Kathmandu, Lalitpur, and Bhaktapur specifically BP highway.

The exchange of notes was signed by Finance Secretary Dr. Ghanashyam Upadhyaya and Ambassador of Japan to Nepal Maeda Toru, while the loan agreement was signed by joint secretary Dhaniram Sharma, chief- International Finance Relation in the ministry and JICA representative Mizuki Matsuzaki.

In his remarks, Minister Khanal reaffirmed Nepal’s commitment to strengthening bilateral relations, and Ambassador Toru highlighted that this project will remarkably improve traffic management in Kathmandu valley.