The loan will be provided against the collateral of land holdings of Nepal Transport Corporation at Teku and Birgunj Sugar Factory at Birgunj. [break]
As per the cabinet decision, the loan will be provided against existing market interest rate of which 1 percent will be borne by the NOC and rest will be borne by the government. Of the total loan amount, Rs 800 million will be provided from the Employers´ Provident Fund and Rs 500 million from the Citizen Investment Fund.
The cabinet also approved six bills that aim at replacing the 157-year old Civil Code enforced by then Prime Minister Junga Bahadur Rana.
According to Law Minister Prem Bahadur Singh, the bills will be tabled in parliament secretariat by Friday for endorsement.
“We changed constitutions many times over the last 70 years but there was no amendment to the Civil Code enforced by Junga Bahadur Rana,” he said. Minister Singh said they were about to table the bills in parliament after several months of homework.
“This would not have been possible had the law ministry and its officials not shown determination to accomplish the task,” he said.
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