International Finance Corporation
(IFC) — a member of the World Bank Group — is providing a loan of $6.9 million
to Buddha Air to help the airline offer improved air travel connectivity in
Nepal.
IFC’s loan will enable Buddha Air
to purchase a second ATR 72 aircraft, strengthening the company’s operations in
the country, according to IFC, the lending arm of the World Bank.
"Improved air services mean
more options for tourists, and better connectivity for the population," it
said, adding that the airline serves 10 domestic destinations.
"IFC’s second investment in
Buddha Air will help us consolidate our services in the region,” said managing
director of Buddha Air Birendra Basnet.
Improving air travel is essential
for better domestic and international connectivity in Nepal because of the
country’s mountainous terrain.
IFC provided a loan of $10
million in 2008 to Buddha Air to purchase two ATR-42 aircraft and to construct
a closed-door hangar at Tribhuwan International Airport (TIA) in Kathmandu.
"Addressing the huge demand
for infrastructure in Nepal is a strategic priority for IFC,” said IFC’s Asia
Director for Infrastructure and Natural Resources Anita George. "Our
repeat investment in Buddha Air will help the company offer more travel options
and reduce travel time for the citizens of Nepal."
Incorporated in Nepal in 1996,
Buddha Air operates domestic passenger flights between Kathmandu and the other
regional airports. It also runs sightseeing flights to Mt Everest, offering an
on board view of the world’s highest peak.
Similarly, the IFC is the largest
global development institution focused exclusively on the private sector. It
helps developing countries achieve sustainable growth by financing investment,
providing advisory services to businesses and governments, and mobilising
capital in the international financial markets.
In 2011, amid economic
uncertainty across the globe, IFC helped its clients create jobs, strengthen
environmental performance, and contribute to their local communities — all
while driving the investments to an all-time high of nearly $19 billion.
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