KATHMANDU- Financial arrangement for cable car to be constructed from Thankot of Kathmandu to Chandragiri has been completed with the investors claiming that it will come into operation within the next one and half years.

Around half a dozen financial institutions led by Citizens Bank have agreed to invest in the project to be constructed by the private sector under leadership of IME Group. Chairman of IME Group Chandra Prasad Dhakal said financial arrangement is being done through the banks operated by the private sector though Nepal Bank showed interest due to procedural hassles. A company has already been registered in the name of Kathmandu Fun Park for construction of the project. Bhatbhateni Group, Hathway Investment, Elite Capital and a few non-resident Nepalis will also invest in the company. Managing director of Hathway Investment Ambika Prasad Koirala said the formal agreement will be signed in a few days and the names of other banks will also be revealed. “Financial closure has almost been completed. We are handling a few technical issues and a formal agreement will be done soon,” he added.

The company will construct the 2.2-kilometer cable car, amusement park at the bottom of it for children and elderly, and a modern hotel, view tower and temple on Chandragiri hill by investing Rs 2 billion. Sources claimed the financial institutions will invest 70 percent of the amount and the rest will be invested by promoters. It will take 10 minutes to reach the historic Chandragiri hill above Kirtipur from Thankot. The project was earlier scheduled to be completed by October, 2014 but it will be delayed by a year due to the additional time taken for resource management. IME Chairman Dhakal said the experienced Austrian company Dopple Maier, that constructed Manakamana Cable Car project in Chitwan, will build this project as well.

The cable car to be operated to the picturesque Chandragiri hill will target both domestic and foreign tourists wishing to get away from the noise and pollution of the city. Chandragiri hill will be developed as a new tourist and religious destination after completion of the project. The company has procured 80 ropanis of land in Thankot and Mahadevstahn village development committees (VDC) near Tribhuvan Park and has taken another 700 ropanis of land on lease from the government. Indian company Mahindra Consulting has prepared the detailed project report (DPR) for the project whose environmental impact assessment (EIA) was completed last year. The cable car at first will be able to carry 500 persons per hour even though the infrastructure will be enough to carry 1,000 persons to Chandragiri hill every hour. A sky-bridge will be constructed in Chandragiri hill immediately after getting off the cable car and a 100-bed hotel of cottage style will be constructed inside the forest in Chandragiri hill.

All three cities inside the Kathmandu Valley and mountains can be viewed from the top of Chandragiri hill situated at an altitude of 2,500 meters. Chandragiri hill is seven kilometers from Thankot by a very difficult dirt road. One has to walk for at least three hours to reach there. Legend has it that King Printhvi Narayan Shah had thought about attack after viewing the Valley from top of Chandragiri hill during his unification campaign. Locals believe that the Mahadevsthan there was named Ichheshwar Mahadev as his wish of conquering the Valley was fulfilled after worshipping there.

-karobar daily