KATHMANDU, Oct 21: Prime Minister KP Sharma Oli has laid the foundation stone for Nagdhunga-Sisnekhola tunnel way on Monday. This is the first-ever tunnel project being constructed in Nepal.
Amid a program at Chandragiri-1, Totepakha, the prime minister also unveiled the stone inscription at the site which reads about the much-awaited project. The project is expected to help ease the movement of vehicles in and out of Kathmandu valley.
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The estimated cost of the project is Rs 22 billion. Of the total investment, Japan International Cooperation (JAICA) will extend a concessional loan of Rs 16 billion at an interest rate of 0.01 percent. The government of Nepal will manage remaining funding for the project.
Nearly Rs 6 billion will be distributed to affected people from Chandragiri 1, 3 and 5 as compensation. 85 percent of total compensation has been distributed so far.
According to Director of Tunnel Way Construction Project, Shaym Prasad Kharel, the 5.56-km tunnel way along with the approach way will be a breakthrough in the infrastructure development of Nepal.
Two small flyovers will also be built at Totepakha and Satungal, said Kharel.
Earlier, an agreement was signed with Hazama Ando Corporation, a Japanese company for its construction on September 23 under the project, a local production collection center (service center) will also be set up.
