April 9: A total of Rs 150 billion is required for the four-lane 72 km long Outer Ring Road Project, according to the Kathmandu Valley Development Authority (KVDA). The project plans to develop plots on both sides of the 50-meter wide road under the ‘land pooling’ model and hand over the land to the affected families. Secretary at the Ministry of Urban Development, Dr Ramesh Prasad Singh said that the project couldn’t progress as compensation to the affected families and investment required for the construction have not been assured.
“The latest study shows that Rs 56 billion is required for compensating the affected families only,” Singh said, adding, “The project will start after the Ministry of Finance ensures the sources for financing the project”. Although the Detailed Project Report (DPR) has been prepared, there has been problem in land acquisition.
“The government had proposed this project during the Investment Summit 2019. It is expected that the project might receive investment,” said KVDA’s Kathmandu District Commissioner Engineer Dilip Bhandari, adding that Chinese companies seem interested in the Outer Ring Road Project but they have not come up with any proposals yet.