Nepal has signed a major deal with a China to develop a 1,200 MW Budhigandaki Hydroelectric Project, the biggest hydro project in the landlocked country that could resolve its perennial power crisis. Nepal’s Ministry of Energy has signed an MoU with China Gezhouba Group Corporation (CGGC) for the development of the 1,200 MW Budhigandaki Hydroelectric Project.
As per the agreement, the storage project would be built under engineering, procurement, construction, and finance (EPCF) model. Under this model, CGGC will help arrange funds required to develop the project. The MoU has given one year’s period to the Chinese developer to conduct an assessment of the hydropower project and arrange necessary funds for its development.
Static Takeaways for IBPS PO Exam-
- Gandaki River is Situated in Nepal
- Sher Bahadur Deuba is the newly appointed Prime Minister of Nepal
- Xi Jinping is the present President of China
- Renminbi is the currency of China.
Source- The Hindu