September 11: Under the leadership of Laxmi Bank and sub- leadership of Siddhartha Bank, five commercial banks have agreed to provide consortium loan to Likhu A Hydro Electric Project. The banks have signed a facility agreement with Numbur Himalalya Hydropower regarding the consortium loan to the hydro project on September 9.

The project to be developed by Numbur Himalaya Hydropower promoted by Duggad Group at Likhu River of Solukhumbu and Ramechhap districts has a capacity of 24.2MW. The construction cost of the project has been projected Rs 4.44 billion. 

The banks will be investing 75 percent of the total investment whereas remaining 25 percent will be invested by promoters of the company. According to the agreement, Laxmi Bank and Siddhartha Bank will invest Rs 967 million and 870 million on the project respectively. Similarly, Century Commercial Bank, Citizens Bank International and Bank of Kathmandu will invest Rs 724 million, 483 million and 290 million respectively.