Nifra to invest Rs. 675 million in 'Sky Walk Towers'

Kathmandu, Aug 9

Nepal Infrastructure Bank Limited (Nifra) has signed a loan agreement with Wonders Group for the construction of 'Sky Walk Tower' in Bhedetar of Dhankuta in Province 1 and Kamaladi of Kathmandu.

Nifra has decided to make a loan investment to the country's first of its kind projects to promote investment in the tourism sector which is the hardest-hit by the COVID-19 pandemic.

The bank has approved the loan of Rs. 675 million.

The 'Sky Walk Tower' being developed in Kamaladi will be 78-metre high and will feature Yoga hall, restaurant and other infrastructure for entertainment. It will have a facility to observe the Kathmandu Valley from the glass walk from the tower, the companies said in a joint statement on Monday.

Wonders Group is expecting to attract domestic and foreign tourists at the centre which is said to be the first sky walk project in the South Asian region.

Likewise, the 'Sky Walk Tower' in Bhedetar is being developed as a public-private-partnership project which will be jointly developed by the Investment Authority of the Province 1 and Wonders Group. The two have signed an agreement for the development of the project.

Bhedetar is one of the major hill stations in the country which is in the vicinity of major cities in eastern Nepal – Dharan, Itahari and many others.

Chairman of Wonders Prabendra Pokharel said that he was excited with the signing of loan agreement with Nifra and pledged to complete it within the stipulated time. Nifra is making investment as per the project financing modality.

Chief Executive Officer of Nifra Ram Krishna Khatiwada said that the bank will join with hands with the innovative projects that will have positive impacts on the economy.

Published in The Rising Nepal daily on 10 August 2021.