Global IME Bank-led consortium signs Rs 19bn deal for 166MW Super Tamor hydel project

KATHMANDU: A consortium of Nepali banks led by Global IME Bank has signed a financial management agreement worth Rs 19 billion for the 166 MW Super Tamor Hydroelectric Project, the bank announced on Thursday.

The agreement was signed between Crystal Power Development, the project promoter, and the participating banks. Global IME Bank’s deputy CEO Deep Chandra Regmi and Crystal Power Development CEO Krishna Prasad Acharya signed the pact in the presence of Global IME Bank CEO Surendra Raj Regmi and representatives of the co-lead and participating banks.

The Super Tamor project, to be built on the Tamor River in Phaktanglung Rural Municipality, Taplejung district, has an estimated total cost of Rs 25 billion. Under the agreement, the bank consortium will provide about 75% of the financing, with the remaining 25% to be raised by the project founders and other investors. Construction is scheduled to be completed within five years from the start date.

The consortium’s investment of roughly Rs 19 billion is split among the banks as follows: Global IME Bank, Rs 5 billion; Siddhartha Bank, Rs 4 billion; Laxmi Sunrise Bank, Rs 4 billion; Prabhu Bank, Rs 3.5 billion; Agricultural Development Bank, Rs 1.5 billion; and Nepal SBI Bank, Rs 1 billion. Siddhartha Bank, Laxmi Sunrise Bank and Prabhu Bank are co-leads, while Agricultural Development Bank and Nepal SBI Bank are participating members.

Global IME Bank CEO Regmi said the bank is confident the project will be completed within the stipulated timeframe, increase the state’s energy production capacity and support export promotion, and he extended his best wishes for the venture.

The bank highlighted its nationwide presence and recent recognition, noting it operates more than 1,000 service points, including 344 branch offices, 385 ATMs and 147 branchless banking outlets, and has received multiple national and international awards in recent years. The bank also emphasised its role in remittance services from countries including the United States, the United Kingdom, Canada, Australia and several Gulf and Asian nations.