Under this project, underpasses and flyovers will be constructed in Koteshwor and Jadibuti sections.
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The Government of Nepal and the Government of Japan have signed a loan agreement for the construction of an underpass and flyover in Koteshwor. The agreement was signed at a program organized at the Ministry of Finance on Wednesday in the presence of Finance Minister Rameshwor Khanal.
Japan has provided a loan of 34.59 billion Japanese yen (about 31.76 billion rupees) for the project. The Ministry of Finance has stated that the loan received through JICA will have a grace period of 10 years, a repayment period of 30 years and an annual interest rate of 0.2 percent.
Under this project, underpasses and flyovers will be constructed in the Koteshwor and Jadibuti sections. The project will be implemented through the Road Department under the Ministry of Physical Infrastructure and Transport.
The exchange of notes was signed by Finance Secretary Ghanashyam Upadhyay and Japanese Ambassador Maeda Toru. Similarly, the loan agreement was signed by Dhaniram Sharma, Chief Joint Secretary of the International Economic Relations Division of the Ministry of Finance, and Mr. Mitsuzaki Mazuki, Chief Representative of JICA Nepal, according to the Finance Ministry.
After the signing, JICA Nepal Chief Representative Mitsuzaki Mazuki, Ambassador Maeda Toru and Finance Minister Rameshwor Prasad Khanal, in their addresses, expressed their commitment to further advance bilateral cooperation. Japanese Ambassador Maeda Toru expressed confidence that the implementation of the Koteshwor Chowk Improvement Project, which will be implemented with Japan's concessional loan assistance, will significantly improve the transportation management of the Kathmandu Valley.
Finance Minister Khanal expressed confidence that this project, which is being taken forward with the aim of bringing progress in improving important traffic-congested areas of the Kathmandu Valley under Nepal-Japan cooperation, will bring about long-term changes in the transportation management of the capital.
