Ring Road to get eight-lane
Posted by Ram Kumar Shrestha on March 1, 2011
Visiting Chinese Vice-Minister for Commerce Fu Ziying and Finance Secretary Rameshwore Prasad Khanal signed a Framework Agreement in this connection on Monday.
Under the loan agreement signed by Sun Ping, assistant president of Export-Import Bank of China (EXIM Bank) and Lal Shankar Ghimire, joint secretary at the Ministry of Finance (MoF), on behalf of their respective governments, China has agreed to provide a soft loan of Rs 7 billion through EXIM Bank for the construction of the Upper Trishuli 3A hydropower project.
This will help the country add an additional 60 MW to the national grid, thereby reducing the power deficit, once the four-year project that lies in Rasuwa and Nuwakot districts is completed, reads a statement from MoF.
In another agreement, China is to provide a grant of Rs 547 million to promote friendly relations and enhance economic and technical cooperation between the two countries.
MoF has stated that the grant will be utilized for implementation of mutually agreed projects to be discussed and decided between the two governments.
Likewise, China has also agreed to provide a grant assistance for the first phase improvement of the Kathmandu Valley Ring Road. Under this grant, MoF said a 9.5 km stretch of the present two-lane Ring Road will be upgraded to a four-lane two-way main road and a four-lane two-way relief road, two-way bicycle path and two-way pedestrian path, along with bus stations and parking lots.
Apart from that, the assistance will be used for the maintenance of bridges along the main road and construction of new relief road bridges, one flyover and three pedestrian overpasses.
Visiting Chinese Vice Minister Fu also met Prime Minister Jhalanath Khanal and discussed mutual relations between two countries.