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The government has finalized investment modality for two of Nepal’s largest hydropower projects—the 1,200 MW Budhigandaki Reservoir Hydroelectric Project and the 1,063 MW Upper Arun Semi-Reservoir Hydroelectric Project.

According to the Ministry of Energy, Water Resources and Irrigation, both projects will be built entirely with Nepali investment. Energy Minister Kulman Ghising has directed officials to submit the investment modality to the Cabinet and relevant authorities for final approval.

The government plans to mobilize funds for these projects through a mix of instruments, including equity by the Nepal Electricity Authority (NEA), energy bonds, loans from banks and financial institutions, concessional government loans, and the infrastructure tax levied on petroleum imports. Likewise, shares will also be offered to migrant workers, Non-Resident Nepalis (NRNs), and the general public.

The Budhigandaki project, located in Dhading and Gorkha, is expected to cost approximately Rs 374bn, with total costs rising to Rs 406 billion after accounting for Rs 32bn in interest during construction. The construction period is estimated at eight years.

Under the proposed 70:30 debt-equity structure, the government will invest Rs 248bn, including Rs 97.47bn in equity and Rs 150bn in concessional loans. The Rs 45bn already spent on land acquisition and preparatory works will be converted into equity. The plan also proposes channeling Customs and VAT revenues from project-related imports and allocating 50 percent of the infrastructure tax on petroleum products to the project.

NEA will make an equity investment of Rs 24.37bn in the project. The project company—Budhigandaki Company Ltd—will be owned 80 percent by the government and 20 percent by NEA.

To meet its debt requirement, the project will issue Rs 30bn in energy bonds, which banks and institutional investors can count toward mandatory liquidity. A consortium financing of Rs 104 billion is planned with participation from the Employees Provident Fund, Citizen Investment Trust, Social Security Fund and commercial banks.

The Upper Arun project is estimated to cost around Rs 214 billion. The project follows a similar 70:30 debt-equity structure, with 51 percent of equity reserved for institutional investors—including NEA, provincial and local governments, Nepal Telecom, EPF, CIT, Social Security Fund, HIDCL, insurance firms, and NEA subsidiaries. The general public, including migrant workers, employees of promoter institutions, locals and affected areas will hold the remaining 49 percent equity.

As per the investment modality, a consortium financing of Rs 168bn will be sought from banks and financial institutions. 

The World Bank had initially shown interest in the project. However, the project had become uncertain after the multilateral withdrawal reportedly after failing to secure the ‘go-ahead’ from the neighboring countries.

The Indian government undertaking SJVN is building three projects in the Arun corridor - the Arun III (900 MW), Lower Arun (669 MW) and Arun IV (695 MW). NEA will hold 49 percent stake in the joint venture with SJVN that will be formed to build Arun IV.

Prime Minister Sushila Karki has decided to downsize her secretariat and the experts' group.

Now, there will be only six persons at the PM Secretariat, states a press release issued by spokesperson at the Office of the Prime Minister and Council of Ministers Hemraj Aryal. 

The statement mentions that in the Secretariat, only six positions are maintained: one chief advisor, one public relations advisor, one chief personal secretary, one press coordinator, one personal section officer (photographer), and one public health expert (honorary).

It is stated that Prime Minister Karki has repealed all the remaining appointments at the PM Secretariat to be effective from today, November 27.

According to the Prime Minister's Advisor and Secretariat Management Procedures 2074 (Eleventh Amendment 2081), there are 66 sanctioned postings of various positions in the Prime Minister's Secretariat.

Prime Minister Karki had made appointments only to extremely essential positions, creating a secretariat of just 20 people. 

Now, it is going to be reduced further from 20 to just six.

Arsenal beat Bayern Munich for the first time in a decade to maintain their 100% record in this season's Champions League with a 3-1 home win sending Mikel Arteta's side clear at the top of the group on Wednesday, Reuters reported. 

Jurrien Timber headed Arsenal in front from a corner after 22 minutes only for teenager Lennart Karl to equalise for the six-time European champions before halftime.

Arsenal dominated the second half though and displayed their enviable squad depth as substitutes Noni Madueke and Gabriel Martinelli scored the goals to make it five wins from five, according to Reuters.

 Liverpool's miserable season hit another low on Wednesday when they slumped to a 4-1 defeat to PSV Eindhoven in the Champions League, their first loss in their last 14 games at Anfield in the group stage of Europe's elite competition, Reuters reported.

Couhaib Driouech bagged a double, while Ivan Perisic -- from the penalty spot -- and Guus Til also scored to leave PSV 15th in the Champions League table with eight points. Liverpool, who have lost nine of their last 12 games across all competitions, dropped to 13th on nine points.

The Reds got off to the worst possible start when a bizarre handball from captain Virgil van Dijk led to a PSV penalty in the sixth minute, with Perisic sending Giorgi Mamardashvili the wrong way and slotting home, according to Reuters.

The price of gold has dropped by Rs 400 per tola in the domestic market on Thursday. 

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 248, 400 per tola today. 

The price of silver, however, has increased by Rs 60 and is being traded at Rs 3, 280 per tola.

Julian Alvarez opened the scoring for Atletico early on as Diego Simeone's side boosted their chances of a top-eight finish following a mixed start to the league phase, AFP reported.

Piotr Zielinski levelled in the second half for Inter but the visitors faded in the final stages and Atletico capitalised.

Gimenez headed home Antoine Griezmann's corner to claim a potentially vital triumph for the Rojiblancos at a rocking Metropolitano stadium, according to AFP. 

A hat-trick by Paris St Germain midfielder Vitinha consigned Tottenham to another defeat, but Thomas Frank's team produced a battling display in defeat, Reuters reported.

Spurs were desperate for a response after Sunday's 4-1 thrashing at Arsenal and twice took the lead in the French capital through Richarlison and Randal Kolo Muani.

PSG loanee Kolo Muani grabbed his second against his parent club with 18 minutes left, but Vitinha sealed his treble soon after to end Tottenham's unbeaten run in the Champions League and leave them 15th in the league phase after five fixtures, according to Reuters.

Real Madrid striker Kylian Mbappe scored four goals, including the second fastest hat-trick in Champions League history, to earn them a 4-3 comeback victory over hosts Olympiacos on Wednesday, Reuters reported.

Mbappe's first three goals came in a spell of six minutes and 42 seconds in the first half but it was a tough encounter for the Spaniards before they earned their first victory at Olympiacos on their fifth attempt, and ended a three-game run across all competitions without a win.

Real moved up to fifth place in the standings on 12 points, with the top eight earning automatic qualification for the knockout stage and with three matchdays remaining. Olympiacos dropped to 33rd on two points, according to Reuters.