The Nepal Infrastructure Bank Limited (NIFRA) has reached an agreement with a US-based company, JLL, to hold out a close study of the marketplace for a smart City project in Panchkhal Municipality of Kavrepalanchok district. The JLL has been given two-month time for the work.
NIFRA had forged an agreement with the municipality on July 27 to develop it as a smart city. A seven-point memorandum of understanding was signed between the municipality Mayor Mahesh Kharel on behalf of the municipality and NIFRA officer Ram Krishna Khatiwada from NIFRA.
The public-private partnership project stretching around 4,500 ropanis of land is projected to cost approximately Rs 2 billion.
After the report by the JLL, NIFRA would then forward the works. Even a discussion has been held with people’s representatives, political parties, and respective stakeholders to require forward the project.
Mayor Kharel further informed that the municipality would assist in administrative works and land management for the project while NIFRA and its business partner would bear the value of construction of infrastructures.