Weekly Economic Update (18th November — 23rd November 2023)
1. Chobhar Dry Port to come into operation
Trans Nepal Freight Services has taken the responsibility of operating the Chobar Dry Port. The company will lend NPR 28.8 million to the government in rent over a five-year period. The project was financed at NPR 1.67 billion loan from the World Bank.
2. Nagdhunga-Naubise tunnel road on additional costs
The Nagdhunga- Naubise tunnel road project is facing an estimated cost increase of NPR 4 billion due to unforeseen geological challenges. The cost which was initially expected to be NPR 13.33 billion. Now, the expected cost exceeds NPR 17.33 billion.
3. NEA starts to collect arrears for meter installation
The Nepal Electricity Authority (NEA) has started the collection of street light arrears, urging 332 local government to settle NPR 6.9 billion in dues within a week. With Rs 1.81 billion in arrears, Kathmandu Metropolitan City has the greatest amount to be paid.
4. Government to raise internal debt of NPR 31 billion
The government plans to raise NPR 31 billion through internal debt, with NPR 10 billion from treasury bills and NPR 21 billion from development bonds for the second quarter.
5. FDI commitment increased to NPR 22.08 billion
Nepal has received FDI commitments of NPR 22.08 billion in the first 4 months of the current fiscal year 2023/24. It is almost the twice as much as it did during the same period last year.
6. NPR 27.56 billion collected in customs revenue
The government collected half of the targeted revenue of NPR 27.56 billion against the target of NPR 52,24 billion for one month during mid- October and mid- November.
7. New research predicts Nepal’s hydel potential at 72000 MW
According to a study by the water and energy commission secretariat, Nepal has the potential to harness over 72000 MW of hydropower across 10 major river basins. The study considered the rivers’ potential for hydropower, irrigation and drinking water by 2050.
8. 46 MW Upper Balephi Hydropower inks agreement
A 46 MW Power Purchase Agreement (PPA) was struck between NEA and the upper Balephi Hydropower Project, which is a division of the Golyan Group’s Energy Business. The group plans to add 900 MW to Nepal’s sustainability portfolio in the next ten years.
9. Narayanghat- Gondrang road extension affected
Despite achieving over 80% of physical progress- Narayanghat -Gondrang road expansion faces a potential halt due to a lack of funds. An additional NPR 450 million is needed to complete the 6 km road extension project.
10. CAAN to re operate duty-free shops at TIA
The Civil Aviation Authority of Nepal (CAAN) will be reopening duty-free shops at Tribhuvan International Airport offering a total area of 26.11 square meters on the first floor and 75.8 square meters near the immigration unit. The duty-free shop at TIA was closed in 2008.
https://myrepublica.nagariknetwork.com/news/caan-to-reoperate-duty-free-shops-at-tia/
