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Chief Justice Bishowambhar Prasad Shrestha said the Constitution of Nepal was not only a document of constitutional change but also a long-awaited state restructuring, forms of governance and social and cultural transformation.

Extending best wishes to all Nepali sisters and brothers at home and abroad on the occasion of the Constitution Day, 2080, Chief Justice Shrestha said the Constitution has its objective to assure lasting peace, good governance, development and prosperity.

"Constitutionalism, justice and equality are the spirit of the constitution", reads the message. "The Constitution can be rightly implemented through thinking, perspectives and performances of all state agencies".

The day today was epochal for the people for attaining the Constitution through the Constituent Assembly having their representatives, he said, adding the Nepal Constitution was of special importance from the constitution-making process and its inherent content.

Foreign Minister NP Saud said that Nepal is in favor of prohibiting nuclear tests.

During a meeting with Executive Secretary of Comprehensive Nuclear-Test Ban Treaty Organization (CTBTO) Robert Floyd on Tuesday, Minister Saud clarified Nepal's stance for banning nuclear tests.

Foreign Minister Saud also informed Executive Secretary Floyd about Nepal's commitment for the prohibition of nuclear tests.

Minister Saud, who is in New York in the course of attending the 78th session of the United Nations General Assembly, has intensified sideline meetings.

The government has celebrated Constitution Day by organizing a special program on Wednesday.

A special program was organized at the Army Pavilion in Tundikhel on the occasion of ninth Constitution Day.

President Ram Chandra Paudel, Vice-President Ram Sahaya Prasad Yadav, Speaker Devraj Ghimire, National Assembly Chairman Ganesh Prasad Timilsina and Kathmandu Metropolitan City Mayor Balen Shah among others were present in the program.

Prime Minister Pushpa Kamal Dahal, however, did not attend the program as he is currently in New York to take part in the 78th session of the United Nations General Assembly (UNGA).

The Constitution was promulgated on September 20, 2015.

Prime Minister Pushpa Kamal Dahal and Sri Lankan President Ranil Wikremesinghe held a meeting on the sidelines of the 78th United Nations General Assembly in New York on Tuesday.

During the meeting, the two leaders discussed the matters related to the enhancement of bilateral relations between Nepal and Sri Lanka and multilateral collaborations, informed the Permanent Mission of Nepal to the United Nations in New York.

High Representative of the United Nations Rabab Fatima called on Prime Minister Pushpa Kamal Dahal, who had arrived in New York to take part in the 78th session of the United Nations General Assembly (UNGA).

Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, Fatima had a meeting with Prime Minister Dahal on Tuesday.

According to the information provided by New York-based Permanent Mission of Nepal to the United Nations, various matters related to common concerns and ways to encourage the interests and issues of the Least Developed Countries in multilateral forums were discussed on the occasion.

Constitution Day is being observed by organizing various programs across the country on Wednesday.

The day marks the promulgation of the Constitution written by the people's representatives from the Constituent Assembly on September 20, 2015.

The present Constitution is the seventh written constitution of Nepal, which has aimed to establish socialism via citizen's socioeconomic and cultural rights. 

It bears special significance for it was promulgated by the Constituent Assembly that was based on the second people's movement, peace accord and peace process. 

The peace accord was signed earlier between the seven political parties and the rebellious CPN-Maoist.

Importantly, it has formally institutionalized the new system of federal democratic republic with the abolition of the unitary system and monarchy.

A special function is being organized at the Army Pavilion at Tundikhel this morning.

The Nepal Teachers Federation has boycotted the talks called by the Ministry of Education, Science and Technology.

The Ministry by issuing a notice had called the Federation for talks at 3 pm today after the teachers announced the protest programs.

The Teachers Federation has said that it has decided not to take part in the meeting as the Education Bill has already been registered in the Parliament and the talks would not resolve the problems.

The Ministry called the Federation for talks by forming a talks team under the headship of Education Minister Ashok Rai.

The Upper Arun Hydropower Project has received a significant boost as the government has opted for a concessional loan of $6m to fund the project’s initial preparations. The Cabinet meeting on Friday, approved around Rs 800m in funding from the World Bank to support the preparatory phase of the Upper Arun Hydropower Project.

Of late, there has been some momentum about the 1,061 MW project with the Finance Ministry, in the second week of June, organizing a discussion with donor agencies to secure investments for its construction. This meeting was attended by representatives from several organizations, including the World Bank, Asian Development Bank, JICA, the German Government, OPEC Fund, European Union, European Investment Bank, Germany, and Saudi Development Fund, among others.

During the discussion, representatives from the World Bank, Asian Development Bank, JICA Fund, and Saudi Fund expressed their willingness to invest in the Upper Arun project. Meanwhile, the representative from the German government indicated their readiness to invest in the transmission line contingent upon the project’s progress.

The Nepal Electricity Authority (NEA) intends to finalize the financial closure of the project by the end of 2023. The state-owned power utility has initiated the necessary steps to secure financing for the 1,061 MW project through collaborations with the World Bank and local lenders.

NEA has commenced project development by founding Upper Arun Hydropower Limited. NEA has projected that an investment of Rs 214.86bn will be necessary for the project’s development.

Out of the entire project cost, 70 percent, which amounts to Rs 150.40bn, is being sourced through loans. The World Bank has expressed its commitment to provide Rs 97.06bn in the form of a loan for the project.

The World Bank will serve as the primary international financial institution responsible for funding the construction of the project, located in the upper reaches of the Arun River within the Bhotekhola Rural Municipality of the Sankhuwasbha district. As per Finance Ministry officials, the World Bank will also lead efforts to secure investments from other donors, including the Asian Development Bank, OPEC Fund, and European Investment Bank, among others.

NEA officials said that the World Bank has already promised to provide loans for this project. “We are working to make a financial agreement with the World Bank within this year,” said the NEA source.

The project will be structured with a 70:30 debt-to-equity ratio. According to NEA, the project will secure funding through Rs 150bn in loans, consisting of Rs 97 billion from international financiers and Rs 53bn from domestic creditors.

This is the first time the global lender is back in the hydropower project in the Arun River after the debacle of the Arun-3 project in the mid-90s. 

As per NEA, a total of Rs 53bn will be raised through collaboration with a consortium of domestic institutions, which includes Hydropower Investment and Development Company Limited (HIDCL), Nepal Bank, Rastriya Banijya Bank, and Citizen Investment Trust. An initial memorandum of understanding was executed between the project's promoter company, Upper Arun Hydropower Limited, and these institutions in August of the previous year. NEA intends to finalize agreements simultaneously with both the World Bank and these domestic institutions.

The promoter company Upper Arun Hydropower Limited will invest 30 percent i.e. Rs 64.46bn in the project as equity. 

The government had advanced the concept of this project in 1985 and a feasibility study was done in 1986. The government in 2011 had entrusted the development of the project to NEA.

Currently, works are being carried out to design the tender for the construction of the project. NEA plans to start the construction of the project in 2024. It is estimated that the project will take about six years to complete, which is the picking run-of-river project. 

NEA has said that about 100 meters high will be constructed on the Arun River and the water will be channelized through an 8.5 km long tunnel to an underground hydroelectric plant in Chongrak. The project will generate 4.51bn units of electricity annually.

That electricity from the project will be connected to the substation at Haitar Sankhuwasabha by constructing a 400 kV double circuit transmission line about 6 km long from the powerhouse.