NOC gets Rs 250 million govt loan
The Nepal Oil Corporation (NOC) on Thursday received Rs 250 million from the government.
The NOC’s Spokesperson Mukunda Prasad Dhungel said the government had approved the loan two weeks ago. The Citizens Investment Trust (CIT) has also agreed to provide loans worth Rs 2 billion to the corporation as per the directives of the Ministry of Finance. CIT said its board scheduled to meet on Friday would approve the loan to NOC. Rishiram Gautam, executive director of CIT, said committed loan would be released in two installments-Rs 1 billion by Sunday and remaining after a month. CIT will charge 12.5 percent interest on the loan. An emergency meeting of the Cabinet on February 2 had approved the loan for NOC to finance
the import of petroleum products amid shortage taking its toll on general public. With the latest loan approval, the debt-ridden NOC owes Rs 24 billion to the government and different financial institutions.
In the last one and a half months, the government has provided Rs 4.75 billion to NOC.
Posted on: 2012-02-10 10:41
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