Today's Chatpat: October 15th, 2023

1. According to media reports, our Nepal government is seeking US$1 billion investment from international financial institutions, including the World Bank to develop the Upper Arun Hydroelectric Project which will have the capacity to generate 1,061 MW of electricity. The total cost of this project is estimated to be around US$1.75 billion.

The World Bank had earlier canceled the Arun III project in 1995, citing Nepal's lack of management capabilities to handle such large scale project resulting in lack of new foreign investment for hydropower projects resulting in  shortage of electricity in the country for the next twenty years. An Indian company is currently developing the Arun III project. Many Indian companies are granted licenses to develop hydropower projects in the country but seem to hold on to the licenses without doing any substantial work for decades.

2. Today, is Ghatasthapana here in Nepal. Many schools are closed for the Dashain holidays and hundreds of thousands are trying to figure out how to get hold of the bus tickets to visit their towns and villages during Dashain. Majority of the people who leave the valley for Dashain will begin their travel from next week as most of the country will be closed for almost a week from this Saturday on wards.

As usual, consumers suffer due to lack of maintenance of our highways and black market prices in bus tickets by our transport entrepreneurs. Domestic airlines also hike the airfare by double and the government as usual fails to act against such business practices.

3. Our Tourism, Culture and Civil Aviation Minister is confident that Nepal Airlines will have 10 news planes within a year. The media had earlier reported that the airlines was planning to sell many of its land, shares of Soaltee Hotel and others to fund this new purchase. 

It would probably cost the national carrier around a billion US$ but it is next to impossible for the carrier to receive new funds from domestic creditors and it won't be enough if they sell many of its asset to fund the new purchase. Nepal Airlines is suffering from annual loss of Rs 300+ crore and has not been able to benefit from the migrant workers traveling abroad in millions each year while foreign airlines are minting money doing the same.

4. The Kathmandu Metropolitan City (KMC) has opened the underground parking spaces available inside Dharahara but has yet to open up the tower for the public anytime soon. Two years ago, then Prime Minister KP Oli had inaugurated the tower with much fanfare but without completion of the outer areas.

The contractor had earlier informed the media that 90% of the works have been completed and the remaining works will be completed within the next four to five months. The Dharahara tower was destroyed in the 2015 earthquake, and in its place, now stands a modern concrete tower.

5. Nepal's U-19 Men's Cricket team has defeated Bahrain by seven wickets in the ACC U-19 Men's Premier Cup being held in Malaysia. Dipesh Kandel and Durgesh Gupta's stellar performance helped Nepal to restrict Bahrain to 77 runs in 37.5 overs and chased the target in 11.4 overs, losing three wickets.