Minister for Energy, Water Resources and Irrigation Kulman Ghising has urged the Asian Development Bank (ADB) to sort out the issue of financial closure for the development of Dudhkoshi Reservoir-Based Hydropower Project of 670 megawatts.

During a meeting with the representatives of the ADB on Monday, Minister Ghising said that financial closure for the project should be done soon adding that this has been pending for long.

The total estimated cost of the project including the interest amount of the construction period is 2.2 billion US dollars. It is stated that 1.68 billion US dollars will be the loan while remaining other amount will be managed as equity shares.

Different international financial institutions under the leadership of the ADB would invest 1 billion US dollars in concessional loan. So far, the ADB has pledged to provide 550 million US dollars as a soft loan.

During the meeting, Minister Ghising urged the ADB team to increase investment in the areas of drinking water, road, irrigation, and electricity transmission and distribution system.

Likewise, Minister Ghising assured to address the issues of land acquisition and compensation, environmental and social security and other issues in the ADB supported projects.

Similarly, the ADB representatives urged the minister to enhance capacity of the project implementing agencies and ensure facilitation.