Himal Press 
KATHMANDU: The Government of Japan has agreed to provide a 34 billion Japanese yen (Rs 31 billion) concessional loan to Nepal for the Koteshwar intersection improvement project.
Finance Secretary Ghanshyam Upadhyaya and Japanese Ambassador to Nepal Maeda Toru signed the loan documents in the presence of Minister for Finance Rameshore Prasad Khanal in Kathmandu on Wednesday.
The project involves the construction of a flyover at Koteshwar, where the Ring Road and Arniko Highway intersect – one of the busiest traffic chokepoints in the capital. The junction connects Kathmandu to the Arniko Highway and further to the BP Highway, which connects Kathmandu with the eastern region.
Once completed, the project is expected to dramatically improve traffic flow around Koteshwar and Tinkune. The travel time from Tinkune to Jadibutti, which currently ranges between 40-60 minutes during peak hours, is expected to drop to just 5 to 10 minutes, the Embassy of Japan in Kathmandu said.
The embassy expressed confidence that the project will support Nepal’s push for sustainable economic development and further strengthen Nepal-Japan relations.
Japan is one of Nepal’s oldest development partners. It has supported Nepal’s major infrastructure works, including the BP Highway.
