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Finance Minister Barshaman Pun and three vice-chairpersons of the World Bank held discussions about mega infrastructure projects of Nepal.

Finance Minister Pun had a meeting with three vice-chairpersons of the World Bank, Martin Raiser, Akihiko Nishio and Guangzhe Chen, Finance Minister Pun's Secretariat confirmed.

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

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 161 billion (1.38 billion US Dollars). 

Seventy percent of the total cost will be foreign investment and 30 percent domestic. The project is expected to generate 4.53 billion 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-presidents 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.

CPN (Maoist Center) Vice-Chairman Krishna Bahadur Mahara, who was arrested in connection with a gold smuggling case, has been released on condition that he be present when summoned.

He was released after the Central Investigation Bureau (CIB) of Nepal Police completed recording his statement at the District Public Prosecutor's Office this afternoon.

CIB spokesperson Hobindra Bogati said that he has been handed over to his son.

Though he was released from custody, the investigation against him will continue, he said.

Former Speaker Mahara was detained from Rupandehi on March 17.

Following his arrest, the Kathmandu District Court had permitted the CIB to keep Mahara in custody for four days in the course of investigation into the gold scam.

He, however, was admitted to the Thapathali-based Norvic Hospital due to his poor health.

Mahara's name has been linked to a Chinese national involved in smuggling 61 kg of gold in brake shoes and nine kg gold brought in electronic cigarettes.

At that time, the CIB had released him only after recording his statement. Mahara's son Rahul was arrested in connection with the case earlier. 

Rahul is currently in judicial custody.

Prime Minister Pushpa Kamal Dahal has said the country should give emphasis on the production of skilled human resources that meets the international standards in the health sector. There will be no compromise in the quality of the health sector.  

Addressing the 13th meeting of the Medical Education Commission today, the PM stressed on the need of producing quality human resources through an analysis of the national and international contexts and needs.

The PM viewed that there should be harmonization between the produced human resources and decent jobs.

"The Commission should be proactive in fulfilling and implementing the quality standards. Besides increasing the number of skilled human resources, fulfilling the minimum standards of teaching and learning is equally imperative and important," the PM said.

PM Dahal said Nepal's education system should be established as a center of excellence for the foreign students coming to Nepal for getting medical education.

The increasing trend of foreign students in Nepal as stated in the report of the Commission is evidence of attraction to Nepal's medical education, the PM said.

Deputy Prime Minister and Minister for Foreign Affairs Narayan Kaji Shrestha has said Lumbini is the fountain of Buddhism besides being the birthplace of Buddha and there can be no better choice of venue than Lumbini to deliberate on the agenda of peace and prosperity. "The Buddha, Buddhism and Lumbini are integral. Buddhism cannot be differentiated from the Buddha; it cannot be dissociated from Lumbini," He added.

Inaugurating the International Conclave on Global Peace for Prosperity in Lumbini on Thursday, the Deputy Prime Minister said Buddha and Lumbini have spread messages for the establishment of world peace.

Peace, harmony and compassion are the innate attributes that we have inherited from Gautam Buddha and the teachings of Buddha on compassion, kindness and empathy are timeless and continue to be relevant today, the Deputy Prime Minister argued.

He said Lumbini, the revered place, gave birth to the message of peace and the messenger, who dedicated his life in the quest for humanity’s happiness, well-being, and emancipation.

Being hosted jointly by the Ministry of Foreign Affairs and Honorary Consular Corps Nepal (HCCN), the conclave has witnessed participation of ambassadors and representatives from diplomatic missions in Nepal, honorary consul generals, consuls of different countries for Nepal, experts on foreign affairs and heritage, and others.

On the occasion, Shrestha called for world peace saying "The growing inter- and intra-state conflicts continue to dominate the political landscape. Wars, armed conflicts, geopolitical rivalry, and polarization continue to pose threats to global peace and prosperity".

Shrestha said the ongoing conflicts are multiplying the global economic distress and inequalities. "Humanitarian needs are soaring. Climate catastrophes are creating deeper woes for all of us."

In his remarks, Shrestha said Lumbini is the center of attraction for pilgrims, scholars, researchers, and those in search of truth and emancipation and this is a place to reflect on the teachings of the Buddha; and to ponder upon what these teachings mean in today’s troubled world.

The conclave has been organized with the objective of promoting Lumbini, increasing investment in Nepal and enhancing global fraternity. Discussions and presentations on investment opportunities in Nepal and tourism potential will also be made.

The event is being organized to connect Lumbini with nearly one billion Buddhists around the globe and to highlight the cultural and religious importance of Lumbini. The event is also expected to contribute to increasing investment in Nepal.