Japan cancels Nepal cement debt

Japan cancels Nepal cement debt
Published: 16 August 2006

The government of Japan on Tuesday canceled outstanding debt (principal and interest) worth 1. 67 billion Nepali rupees (US$23.91m) owed by Nepal to Japan, local media reported Wednesday. "The government of Japan has agreed to cancel the outstanding principal and interest owed by Nepal to Japan that have fallen due on or after April 1, 2003 for the loans extended up to 1987," the radio quoted a press statement released by Finance Ministry as saying. Those loans were extended for the execution of Kulekhani No 1 and No 2 Hydropower projects and Udayapur Cement Plant Project of Nepal, the statement noted.