<p>The Upper Trishuli power project in Nepal's Nuwakot district will be built within three years with Chinese assistance, Nepal's Finance Minister Surendra Pandey told reporters as a memorandum of understanding was signed between China's state-owned Exim Bank, which will disburse the loan, and Nepal's finance ministry.<br /><br />Exim Bank Vice President Li Jun and Nepal's Finance Secretary Rameshwar Prasad Khanal signed the MoU in which China has pledged the loan at an annual 1.75 percent interest rate.<br /><br />While about $120 million from the loan would be used for the new hydropower project for power-starved Nepal, the rest would be spent on other projects, the finance ministry said.<br /><br />Pandey said Nepal Electricity Authority would announce by this week the name of the company that has been shortlisted to execute the project.<br /><br />Last year, China's Assistant Minister for Foreign Affairs He Yafei had affirmed the loan during a visit to Nepal.<br />At that time, China had shown interest in funding hydropower projects in Nepal totalling about 100 MW.</p>
<p>The Upper Trishuli power project in Nepal's Nuwakot district will be built within three years with Chinese assistance, Nepal's Finance Minister Surendra Pandey told reporters as a memorandum of understanding was signed between China's state-owned Exim Bank, which will disburse the loan, and Nepal's finance ministry.<br /><br />Exim Bank Vice President Li Jun and Nepal's Finance Secretary Rameshwar Prasad Khanal signed the MoU in which China has pledged the loan at an annual 1.75 percent interest rate.<br /><br />While about $120 million from the loan would be used for the new hydropower project for power-starved Nepal, the rest would be spent on other projects, the finance ministry said.<br /><br />Pandey said Nepal Electricity Authority would announce by this week the name of the company that has been shortlisted to execute the project.<br /><br />Last year, China's Assistant Minister for Foreign Affairs He Yafei had affirmed the loan during a visit to Nepal.<br />At that time, China had shown interest in funding hydropower projects in Nepal totalling about 100 MW.</p>