Nepse plunges by 16. 69 points on Thursday
The Nepal Stock Exchange (NEPSE) plunged by 16.69 points to close at 2,613.67 points on Thursday, the last day of the trading week.
Similarly, the sensitive dropped by 6. 17 points to close at 488.94 points.
A total of 5,298,543 units of the shares of 224 companies were traded for Rs 3. 24 billion.
Meanwhile, Rastra Utthan Laghubitta Sanstha Limited was the top gainer today with its price surging by 10 percent. Likewise, Nepal Finance Limited was the top loser with its price dropped by 4.67 percent.
At the end of the day, the total market capitalisation stood at Rs 3.70 trillion.
Government endorses integrated security policy for local level elections
The government has endorsed an integrated security policy to hold the local level elections in a free, fair and fearless manner.
A meeting of the Security Committee presided over by Home Minister Bal Krishna Khand on Thursday endorsed the security policy.
“The Security Committee meeting passed the security policy needed for local level elections,” Phanindra Mani Pokharel, spokesperson at the Home Ministry said, adding, “The policy will help hold the local polls in a free, fair and fearless manner.”
Chiefs of all the security agencies were present in the meeting held this afternoon.
Pokharel said that the participants had floated their views on the security challenges and the strategies to be adopted to address those challenges.
The meeting also discussed the ways to manage security during Chinese Foreign Minister Wang Yi's three-day visit to Nepal starting from Friday.
NEA to buy electricity from India at Rs 38 per unit
The Nepal Electricity Authority (NEA) has decided to buy electricity with India at Rs 38 per unit from Friday.
Organizing a press conference on Thursday, NEA spokesperson Suresh Bahadur Bhattarai said that Nepal has made an agreement to buy electricity with India at a higher price so far.
Bhattarai said that Nepal has to pay Rs 38 per unit when it buys electricity with India at InRs 20.
Nepal had purchased electricity with India at InRs 8 per unit some time ago.
AIIB Offers New Facility to Reduce Cost of Infrastructure Loans
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved the creation of a Special Fund Window (SFW) to make its financing more affordable to its less developed members. This is an additional effort by AIIB to further support its less developed members especially by reducing the cost of lending for Infrastructure for Tomorrow (i4t).
The SFW is a blended financing facility that will provide interest rate buy down to eligible sovereign-backed financing projects that are aligned with AIIB’s Corporate Strategy and identified according to AIIB’s regular rigorous investment process.
“Infrastructure investments and connectivity are crucial for lower-income countries to regain a growth momentum and to achieve long-term sustainable development goals in the post-COVID-19 era, while also dealing with climate change,” said AIIB President and Chair of the Board Jin Liqun. “Through the SFW, AIIB can support its less developed members with affordable pricing while still being consistent with the core elements of our business model to finance i4t. Although modest in scale, we are glad to be able to complement other multilateral development banks by bringing much needed additional financing to lower-income members.”
“Our Corporate Strategy commits to broadening the range of clients AIIB can support, with particular focus on our less developed members,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “For the first time, with the support of donors, this new facility will enable AIIB to offer more affordable loan pricing to these members. Combined with our Project Preparation Special Fund which makes grants to support the preparation of high quality projects, we hope this new facility will help meet the needs of our less developed members and global efforts to support sustainable development and tackle climate change.”
AIIB has made gradual efforts to expand its offering to less developed members, including through AIIB’s Project Preparation Special Fund. In 2020 and in response to the pandemic, AIIB created a Special Fund Window under the COVID-19 Crisis Recovery Facility offering an interest rate buy-down mechanism for financing extended to less developed members. The new SFW will build on the experiences gained and further extend AIIB’s financing to these members.
The SFW includes unique features that demonstrate innovation in the field of blended finance. It will be funded by voluntary contributions from AIIB’s members. Decision-making authority will reside with AIIB’s existing multilateral governance structure, and the SFW will operate according to the rules and regulations approved by AIIB’s Board of Directors. For operational efficiency reasons, the SFW implementation will be fully incorporated into AIIB’s regular investment process.
Projects under the SFW would contribute to supporting AIIB’s Corporate Strategy priorities and targets. AIIB’s Corporate Strategy (2021-2030) combines the Bank’s firm commitment to sustainability with a clear operational focus on (1) Green Infrastructure, (2) Connectivity and Regional Cooperation, (3) Technology-enabled Infrastructure and (4) Private Capital Mobilization. It sets targets on climate financing (50 percent of actual financing approvals by 2025), cross-border connectivity (25-30 percent of actual financing approvals by 2030) and private sector financing (50 percent of total approved financing by 2030).
Sansho Restaurant: For authentic Japanese
Sansho Restaurant is an ideal place to quench your craving for Japanese food. Located beside the Saleways Department Store in Pulchowk, this charming joint is all about exploring Japanese food culture. The place’s decor, with its vibrant colors and arts, reflects the true Japanese spirit too. The menu of this restaurant, which is managed by Naulo Hospitality, specializes in different types of sushi, curry and ramen.
Chef’s Special:
Bento Box
Japanese curry
Unagi special sushi
Opening hours: 10:00 am to 10:00 pm
Location: Pulchowk, Lalitpur
Meal for 2: Rs 1,500
Phone pay: Yes
Contact: 9841169359
China’s supportive role expected for prosperity
The official visit of Chinese Foreign Minister and State Councilor Wang Yi this weekend is not only expected to take the centuries-old people-to-people relations between the two countries to new heights but also ensure that problem-free Nepal-China relations can build a reliable partnership in Nepal’s journey towards prosperity.
The visit, which is taking place after a hiatus of three years, is expected to be productive in further strengthening cooperation and partnership between Nepal and China on issues of common concern and mutual interest. Foreign Minister Wang is a senior diplomat and an old friend of Nepal, who is aware of the development aspirations of Nepal and Nepalis. His visit is expected to be fruitful in taking the relations between the two countries to new heights.
Foreign Minister Wang is the first highest foreign dignitary to visit Nepal after Prime Minister Sher Bahadur Deuba assumed leadership of the government in July last year. It will be a golden opportunity to promote Nepal’s national interest and expand the scope of cooperation. The government has made Nepal’s national interest and development needs and priorities as its agenda to increase partnership and cooperation with China, the world’s emerging power, during his stay here.
A foreign ministry official stated that Nepal would hold in-depth discussions with a delegation led by Foreign Minister Wang regarding the implementation of cooperation projects under the Belt and Road Initiative, a multi-billion dollar infrastructure development project put forward by China. The two sides will dwell on upgrading Nepal from a least-developed country to a middle-income country by 2030 and build physical infrastructures such as ports, roads, railways, air transport and communications within the Trans-Himalayan Multidimensional Connectivity Network to support Nepal’s development agenda of achieving sustainable development goals.
He said the Chinese foreign minister was visiting Nepal to convey the message of China’s commitment to implementing the BRI and its Framework Agreement that could not move forward for the past five years owing to the pandemic.
China has already proposed the project implementation plan of BRI with Nepal for final approval and the Government of Nepal is ready to finalize it during this visit.
During talks between the foreign ministers of Nepal and China on Saturday, the Nepali side is all set to request joint inspection of the border, which has been stalled for more than a decade, reopening of Rasuwagadhi and Tatopani (major trade ports between Nepal and China), resumption of flights and addressing the problems faced by Nepali students who returned home to escape the pandemic, the official shared.
The foreign ministry official also said that Nepal would raise issues including the implementation of the agreements reached during the visit of Chinese President Xi Jinping to Nepal and the visit of former prime minister KP Sharma Oli to China. Discussions are going on between various ministries of the Government of Nepal to finalize the agenda of the meeting between Chinese and Nepali foreign ministers on Saturday. During the visit of the Chinese foreign minister, an agreement will be signed to export grass from Nepal and Nepal will receive additional Chinese grants under technical and economic assistance. “Discussions between senior officials of the Ministry of Foreign Affairs and the Ministry of Finance on the annual assistance to Nepal under grant and technical and financial assistance is in the process of finalisation,” an official at the Ministry of Finance said. China has hinted it could increase its annual aid this year, the official said.
Such visits from time to time will help understand each other and address grievances as well as renew the relationship.
The age-old Nepal-China friendship that has been nurtured by Araniko and Bhrikuti has been flourishing since the establishment of diplomatic relations between the two countries in 1955. The tradition of friendly cooperation and high-level visits have further enhanced the bond of affinity for the mutual benefit of both countries. RSS
Minister Ale leaving for India today
Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale is leaving for India on Thursday.
Minister Ale is leaving for India today to take part in a program organized by the government of India and Wings India 2022 in the field of tourism and civil aviation.
It has been learnt that Prime Minister Narendr Modi will inaugurate the program to be held in Hyderabad of India.
Minister Ale is scheduled to present his views in the field of tourism promotion and civil aviation in Nepal, Nepal Civil Aviation Authority DDG Hansaraj Pandey said.
Alliance will be forged with NC in all three tiers of elections: Dahal
CPN (Maoist Centre) Chairman Pushpa Kamal Dahal claimed that there will be an alliance with the Nepali Congress in all three tiers of elections.
Talking to journalists at his home district in Chitwan on Thursday, he said the party still has alliance with the Nepali Congress and will also be forged in all three tiers of elections.
“The current alliance will not only last for local but also for provincial and federal elections,” Chairman Dahal said.
Though the Chitwan Congress has claimed that there will not be an alliance, he said that the alliance will be forged from the centre.
He came to Chitwan to take part in various programs to be organized in his constituency Madi.
