Kathmandu. The 42 MW upper Modi 'A' hydropower project has been funded under the leadership of NMB Bank. . In this project, NMB Bank will invest 4 billion 40 crores and the rest will be loan investment from Hydro Electricity Investment and Development Company (HIDCL).

A loan agreement was signed during a program held in Kathmandu on Monday for loan investment for the project to be constructed by the Nepal Electricity Authority through its subsidiary company.

Surya Prasad Paudel, managing director of Jalvidyut Company Limited, Sunil KC, chief executive officer of NMB Bank, Arjun Gautam, chief executive officer of HIDCL, and Kulman Ghising, executive director of Nepal Electricity Authority and president of the company, were present at the loan investment agreement.

The study has shown that the estimated cost of the project will be Rs 10.5 billion. 3 billion and 10 billion rupees will be equity. In the project, 70 percent i.e. loan and remaining 30 percent of the investment will be raised from equity. The company is planning to produce 18 MW of electricity by taking the water coming out of the 42 MW upper project to the tunnel again.