NMB Bank executes financial closure of Kabeli – 3 hydel project

KATHMANDU: NMB Bank has successfully executed the financial closure of Kabeli – 3 Hydroelectric Project (21.93 MW). The project is located at Sirijangha Rural Municipality in Taplejung district. The financial closure agreement of project was signed on May 23 with lead financing from NMB Bank and Century Commercial Bank as member banks. Nepal Electricity Authority (NEA) has already facilitated the construction of the project by signing power purchase agreement (PPA) with the company. The total estimated cost of the project stands at Rs 4,285 million. Out of the total estimated cost, Rs 3,213 million will be financed by consortium banks for the development of project. As NMB Bank heads the signing agreement as a lead facilitator of debt package in hydropower project financing, it now rests with the total number of 43 projects in its hydro portfolio. NMB Bank has already adopted environmental and social policy and started implementing environmental and social management system within its business portfolio as directed by Nepal Rastra Bank (NRB) guidelines on environmental and social risk management. In addition, the bank is committed to applying international good practices such as IFC performance standards in project financing including hydropower sectors. ‘The Banker Magazine’ of The Financial Times, London, has awarded NMB Bank with the prestigious Bank of the Year Asia 2021. The bank has also been awarded Bank of the Year in 2017, 2018, 2020 & 2021. NMB Bank is currently providing its services through 201 branches, 138 ATMs and 11 extension counters. READ ALSO:

• NMB Bank organises financial literacy programme for Maiti Nepal members
• NMB Bank holds 26th AGM
• NMB Bank secures $12 million loan investment from SIFEM