KATHMANDU: Japan has agreed to provide a US $222 million (Rs 31 billion) loan to upgrade the Koteshwor intersection in Kathmandu.
The Japanese Ambassador and the Finance Ministry Secretary signed the loan documents in Kathmandu.
The project includes building a flyover at the busy Koteshwor junction, which links Kathmandu to the eastern region. It is expected to ease traffic at Koteshwor and Tinkune.
After completion, the travel time between Tinkune and Jadibutti is expected to fall from 40–60 minutes to 5–10 minutes.
The Japanese side thanked the Nepali interim government for moving the project forward. They also stressed the need for fair competition and reliable contractors.
Japan believes the project will support Nepal’s economic development and further strengthen bilateral relations.
