Kathmandu: Nepal Airlines Corporation (NAC) has begun repayment of loans obtained from the Employees Provident Fund (EPF) and the Citizen Investment Trust (CIT) for the acquisition of aircraft.
As of mid-July 2024, NAC has successfully returned over Rs 430 million towards its loan obligations for two narrow-body and two wide-body aircraft utilized for international operations. Notably, full payment has been completed for the two narrow-body aircraft, with partial payments made for the wide-body counterparts.
Ramesh Poudel, spokesperson for NAC, revealed that under his stewardship, the corporation has disbursed more than Rs 5.79 billion in installments up to the aforementioned date.
The repayment initiative comes amidst NAC’s plea to EPF and CIT to consider waiving interest, fines, and penalties, citing severe business setbacks exacerbated by the COVID-19 pandemic.