Term Sheet signed for financing Upper Modi A Hydroelectric Project

KATHMANDU, APRIL 12: The consortium of NMB Bank Ltd. and Hydroelectricity Investment and Development Company Ltd. has today signed a term sheet with Modi Jalvidyut Company Ltd to  finance the  Upper Modi A Hydroelectric Project (42 MW) located at the Annapurna Rural Municipality, Kaksi. 

The Nepal Electricity Authority (NEA) is the major promoter of Modi Jalvidyut Company Ltd.

Having the experiences of financing around 46 hydropower projects, NMB Bank shall lead the project that is estimated to cost Rs 9.08 billion.

NMB Bank has already adopted the Environmental and Social Risk Policy to implement the Environmental and Social Management System within its business portfolio as directed by the Nepal Rastra Bank.

In addition, the Bank is said to be committed to apply international good practices such as the IFC performance standards in financing of the projects related to a sector like hydropower sector. 

NMB Bank was awarded with title of the “Bank of the Year” four years- 2017, 2018, 2020 and 2021 by The Banker, Financial Times, London.  The same institution declared the bank as 'Bank of the Year 2021, Asia'.

NMB Bank is currently providing its services through 201 branches, 139 ATMs and 10 extension counters