NAC repays Rs 530.9 million to EPF and CIT

KATHMANDU, OCTOBER 18: The Nepal Airlines Corporation (NAC) has made repayment on its installment loans.  The national flag carrier yesterday paid a total amount of  Rs 730.9 million that includes both principal and interest to the Employees' Provident Fund (EPF) and Citizen Investment Trust  (CIT) in installments.  

Of the total amount, Rs 530.9 million was paid to the EPF, and the remaining Rs 200 million to the CIT. The NAC  had taken loans from the EPF  and the CIT to purchase one narrow-body and one wide-body aircraft.

Earlier on July 14, the NAC had repaid a total of Rs 1.35 billion in installments to these two institutions.

“In the past three years, we had not been able to repay any amount owed to the EPF and CIT due to our poor financial condition. However, the very condition is gradually improving with the current management focusing itself on conducting regular air flights and increasing occupancy rate,” states a press release issued today by the NAC.