| WASHINGTON, May 22, 2003—The following project was approved today by the World Bank’s Board:
CREDIT AMOUNT: IDA—US$ 75.6 million
TERMS: Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION: The project main objectives are to develop Nepal's hydropower potential in an environmentally and socially sustainable manner so as to help meet electricity demand; improve access of rural areas to electricity services; and promote private participation in the power sector as a way to improve sector efficiency and to mobilize financing for the sector's investment requirements. Total project cost including interest during construction is estimated at US$ 133.4 million, equivalent, of which IDA financing is US$ 75.6 million comprising an IDA credit of US$50.4 million and an IDA Grant of US$25.2 million. For more information, please call Karina Manasseh (202) 473-1729, fax at 522-0321, or email kmanasseh@worldbank.org.Â
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