Kathmandu, June 18:

The government of Nepal and Korea Eximbank, the export-import bank of Korea, are to sign a $45 million loan agreement for the construction of a 30 megawatt hydropower plant for the Chameliya hydropower project and installation of a transmission line in Darchula.

The estimated cost of the project is $9.99 crore. Korea Eximbank and Nepal’s Economic Cooperation Development Fund (ECDF) have agreed to contribute 45 per cent of the total cost, according to an official at the Department of Foreign Aid.

The loan will be used for the procurement of goods and services required for the implementation of the project.