Betan Karnali signs agreement with Nabil and Nepal SBI; commercial banks to form consortium to extend Rs 25 arba line of credit to Surkhet base hydropower

Employees Provident Fund has signed an agreement with Nabil Bank and Nepal SBI Bank under which the commercial banks would provide a credit management service as a consortium thereby managing 25 arba worth of loans of Betan Karnali Hydropower Company which is a soon-to-be constructed hydropower with EPF as a major shareholder. The hydropower project lies at Betan of Surkhet district.

The agreement was signed between Administrator of EPF Mr. Dipak Rauniyar, MD and CEO of Nepal SBI Bank Mr. Anukool Bhatnagar, and Officiating CEO from Nabil Bank Mr. Anil Keshari Shah.

The hydropower company has an issued capital of Rs 10 arba out of which 5.5 lakh depositors of EPF have shareholding worth of 40%, EPF has holding of 15%, 10%of Nepal Electricity Authority, 10% of the power producing company and 25% stake belongs to general public including 10% of project affected locals.