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First-phase construction of the Asian Highway connecting 32 countries in the continent has started. 

Removing trees along the western section from Sitapuri of Kamal Rural Municipality in Jhapa to Devikhola of Itahari has begun under the first-phase construction. 

Construction activities of 120-kilometer four-lane road from Kakarvitta to Laukahi of Sunsari have been forwarded with the financial support of the Asian Development Bank.  

Representative of Jain CR F G Tundi Company, a construction company, Hari Prasad Parajuli, shared that around 6,737 trees would be removed along the west section and an agreement has been reached to complete the road construction within three years.

The 120-km-long four-lane roadway forms a section of the East-West Highway and it connects Jhapa, Morang and Sunsari. It is going to be constructed at an investment of Rs 28.17 billion of the Asian Development Bank.

The highway is to be expanded along with the construction of 71 new bridges, he added.

Prime Minister Pushpa Kamal Dahal has urged the Asian Infrastructure Investment Bank (AIIB) to ensure a policy for providing concessional loan to Nepal. 

During a courtesy meeting with a delegation led by RMP Rathnayake, the AIIB director, the Prime Minister said, "Nepal still needs concessions in borrowings as AIIB does not have such a window. In fact, this market rate pricing is restricting Nepal to access to AIIB financing. As you are policy makers, I urge you all to consider this," according to the Prime Minister's Secretariat.

Stating the government is focused on achieving a high economic growth target simultaneously with good governance, institutional development, social justice and prosperity, the Prime Minister said, hoping for the AIIB's support in financing, technical assistance, knowledge sharing and mobilizing private capital in this process.

The PM said currently there are a few projects under AIIB investment in Nepal in the energy sector and there are ample possibilities for the investment in hydropower tourism, information technology and other infrastructure projects. He urged the AIIB to consider the investment in these areas.

"It has been agreed to export 10,000 megawatts of electricity to India and to Bangladesh as well. This has paved a way for Nepal's energy trade," he said.

Recalling Nepal's schedule to host the Third Nepal Investment Summit ( NIC) next month (April 28-29), the Prime Minister expressed his hope that there would be a high-level participation from the AIIB in the event, contributing to building an investment-friendly atmosphere for  areas of priorities in  Nepal.

Apprising the delegation that Nepal has revised its policies aiming to promote private and foreign investment, he urged the AIIB to invest confidently in Nepal.

The delegation led by Rathnayake comprised AIIB vice president and other senior officials.

On the occasion, Rathnayake said AIIB accorded top priority to Nepal as being its founding member and the Bank is positive for increasing its investment in its development endeavors.

Finance Minister Barshaman Pun and three Vice-presidents—Martin Raiser, Akihiko Nishio and Guangzhe Chen—of the World Bank held discussion about mega infrastructure projects of Nepal. 

Also present on the occasion were Asian Development Bank Country Director for Nepal Arnaud Cauchois and representatives of the International Finance Corporation. 

Likewise, Finance Secretary Krishna Hari Pushkar, Revenue Secretary Dr Ram Prasad Ghimire, Joint-Secretaries, Uttar Kumar Khatry, Ritesh Kumar Shakya and Shreekrishna Nepal and Executive Director of the Nepal Electricity Authority (NEA) Kulman Ghising were also present in the meeting.  

The meeting discussed the development of a partnership framework between Nepal and the World Bank for next five years and taking forward the Upper Arun Hydropower Project and Dudhkoshi Reservoir Project, according to the Finance Minister’s Secretariat. 

Discussions were held on the 1,061 MW semi-reservoir Upper Arun Hydropower Project to be constructed in Bhotkhola Rural Municipality of Sankhuwasabha as a transformative project. 

The project construction will be carried out through a subsidiary company of the NEA with WB’s soft loan and a mixed investment from the Citizen Investment Trust, various domestic banks and the general public. 

It may be noted that NEA has established Upper Arun Hydropower Limited for the construction of the project. The detailed project report (DPR) has been prepared and the consultant has also been selected. The WB-led financial management for the project is expected to be finalized by mid-July. 

The project has been designed to run at full capacity for six hours a day in winter. The estimated cost of the project will be around Rs 161bn ($1.38bn).  

As informed, 70 percent of the total cost will be foreign investment and 30 percent domestic. The project is expected to generate 4.53bn units of energy annually. Similarly, there is a plan to construct a reservoir on Dudhkoshi River to generate 635 MW of hydropower at Lamidanda of Rawabensi rural municipality-3 of Khotang and Ramuwaghat of Chisankhugadhi rural municipality-6 of Okhaldhunga. 

In the virtual meeting, Finance Minister Pun thanked the World Bank for its contribution to Nepal’s economic development as one of the largest international development partners. The development projects have been carried out in Nepal with WB investment in transport, urban development, agriculture, forestry, environment, employment and other infrastructure sectors, he said, noting progress of these projects was not satisfactory due to various reasons. 

Finance Minister Pun, however, said he was committed to speeding up the works of these projects. Finance Minister Pun said Nepal has embraced the concept of green, resilient inclusive development. 

He urged the WB to promote green finance in infrastructure projects. The WB’s Vice-chairs and other office-bearers said the cooperation with Nepal was encouraging and expressed their views on the projects in the pipeline, including the Upper Arun Hydropower Project. 

Noting Nepal’s credit risk is low compared to other countries run by the International Development Association (IDA), they urged Nepal to enjoy non-concessional loans. 

Minister Pun said that a huge resource gap has been created in the implementation of sustainable development goals, infrastructure and climate adaptation due to financial constraints due to laxity in revenue mobilization. 

He opined that the development partners should enhance cooperation and cooperation with Nepal and support the efforts for economic revival.

Meanwhile, the finance minister has invited the Vice-presidents to participate in the third investment summit scheduled in Kathmandu from April 28.

The Nepal Stock Exchange (NEPSE) plunged by 17. 01 points to close at 2,031.55 points on Monday.

Similarly, the sensitive index dropped by 4. 64 points to close at 360. 77 points.

A total of 7,061,012-unit shares of 304 companies were traded for Rs 2. 48 billion.

Meanwhile, Bottlers Nepal (Balaju) Limited (BNL) was the top gainer today with its price surging by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 22 trillion.

Prime Minister Pushpa Kamal Dahal on Monday appointed Janata Samajbadi Party lawmaker Deepak Karki as State Minister for Forest and Environment.

Prime Minister Dahal appointed Karki as State Minister for Forest and Environment as per Article 76 (9) of the Constitution of Nepal.

Newly appointed State Minister Karki will take the oath of office and secrecy today itself.

He was elected as a lawmaker from Dhanusha-1, defeating Matrik Yadav of the CPN (Maoist Center).

Senior leaders of three major political parties held a discussion on the by-elections to be held on April 28.

During a meeting held on Monday morning, Prime Minister Pushpa Kamal Dahal, CPN-UML Chairman KP Sharma Oli and CPN (Unified Socialist) Chairman Madhav Nepal discussed fielding candidates for the by-elections.

On the occasion, CPN (US) Chairman Nepal informed that the party will field its candidate for the by-election in Bajhang.

Saying that discussions are underway between the CPN (Maoist Center) and CPN (Unified Socialist) to field a candidate in Ilam, Nepal clarified that no one can stop the party from fielding its candidate in Bajhang.

CPN-UML has already made a decision to field Suhang Nembang in Ilam-2 and Daman Bhandari in Province Assembly-1 of Bajhang.

Other parties have not finalized the candidates for the by-elections yet.

This year’s Mithila Madhyamiki Parikrama festival concluded on Monday.

The 15 nights and 16 days’ festival, also known as ‘Mahakumbha of Mithila’, concluded with the circumambulation of inner areas of Janakpurdham.

The final step of this journey is the barefoot walk in the inner area around a circle of 133 kilometers keeping Janakpurdham, the capital of ancient Mithila of Madhes, in the center.

There has been a tradition to circumambulate the Panchakoshi in the morning on the 16th day. In the middle of the journey, the pilgrims stayed for 15 nights in various pilgrimage sites of Nepal and India.

There is a tradition of staying for six nights in Dhanusha, five nights in Mahottari and four nights in Madhubani district of India.

The journey is believed to have been celebrated as a circumambulation since the 18th century. As per tradition, the journey ends on Phagu Purnima by playing Holi.

It is traditionally believed that participating in this circumambulation will help do away with the sins and injustices caused by mind, words and deeds and fulfill one’s wishes along with enlightenment.

Thousands of devotees from Nepal and India took part in the parikrama (circumambulation).

Prime Minister Pushpa Kamal Dahal has pledged to address the issue concerning the establishment of Shaktikhor industrial corridor in the budget for the upcoming fiscal year.

The PM made this promise during his meeting with a delegation led by CPN-UML Chair KP Sharma Oli and comprising the Kalika Municipality mayor in Chitwan and others today.  The meeting was held at the Prime Minister's official residence in Baluwatar.

It may be noted that despite talks for a long time, there is no substantive progress over the establishment of an industrial corridor at Shaktikhor in Kalika Municipality. 

During the meeting, the delegation drew the Prime Minister's attention towards the need to establish the Shaktikhor industrial zone and undertake endeavors for development and prosperity of the local level, according to Mayor Binod Regmi.

In response, the head of the government assured of addressing the concern for the establishment of the corridor in the upcoming budget, directing Finance Minister Barshaman Pun to resume budget allocation for the same.

Finance Minister Pun, CPN-UML Deputy General Secretary Bishnu Rimal, central member Kapil Pokhrel, education activist Dr Baburam Dhungana and outgoing chair of the National Federation of the Deaf Nepal, KP Adhikari, were among those present in the meeting.

Matters relating to the Trishuli diversion project, equalization grant, and the establishment of an inclusive school were discussed in the meeting, according to the local representative.