KATHMANDU: A high level Chinese delegation is arriving soon in Nepal to make a formal agreement on the construction of the West Seti Hydropower Project.
The delegation will hold talks with Nepali side on the mega project of 750MW.
Chief Executive Officer of the Investment Board, Radhes Pant, told the National News Agency (RSS) that the senior officers of the Three Gorges Corporation, China Development Bank and Exim Bank were coming to Nepal to reach the agreement.
The senior officers had made a commitment with a Nepali team led by Energy Secretary Hareram Koirala that China would construct the West Seti Project.
The Nepali team including Prime Minister's economic advisor Rameshwor Khanal, during the visit last week, had held talks with chairman of the Three Gorges Cao Guang Jing and Company President Chen Fei. During the talks the Chinese side agreed in principle to undertake the construction of the Project and would be visiting Nepal at the earliest to strike the deal, added Pant.
Earlier, a Memorandum of Understanding was signed between Nepal and Chinese sides in May 2012.
As per the MoU, the Three Gorges would invest 75 percent while Nepal Electricity Authority to invest remaining 25 percent.
The estimated cost of the project is Rs1.2 trillion.