Ram Krishna Khatiwada, Chief Executive Officer of NIFRA and Salim Jahan Fahim, Country Head of SMEC signed the MoU on behalf of their respective agencies amidst a function .
As per the agreement, The SMEC and NIFRA will handhold to conduct the preliminary studies, initial structuring of project and to exchange best practices on the development of smart cities. NIFRA will provide necessary facilitation and other services to SMEC during the engagement period. Similarly, NIFRA will arrange necessary financing in coordination with other stakeholders as a lead financer for the development of the Smart City after completion of required studies, designs and legal structuring of the project.
The press statement issued reads 'Panchkhal Municipality has taken the lead in securing the required land in coordination with landowners in the municipality. Panchkhal Smart City, the first of its kind in Nepal, covers the area of around 5500 ropani. NIFRA has signed a separate MoU with Panchkhal Muncipality for the development of the smart city.'
Meanwhile, NIFRA has signed a contract with a US-based consulting firm Jones Lang LaSalle Property Consultants Private Limited for market study of the proposed Smart City. The company is scheduled to submit its report within eight weeks, outlining viability and broader opportunities of the project.
