Nepal Airlines Corporation (NAC) has repaid Rs 6.328 billion in loans from institutional lenders to date.
The repayments were made on loans taken from the Employees Provident Fund (EPF) and the Citizen Investment Trust (CIT), which were utilized for the acquisition of two narrow-body and two wide-body aircraft for international flights.
Ramesh Paudel, spokesperson for the NAC, announced that the corporation has completed full payments on the installments for two narrow-body aircraft and has partially paid Rs 535 million towards the two wide-body aircraft as of October 16.
In light of the negative effects of COVID-19 on its operations, NAC has requested the Employees Provident Fund (EPF) and the Citizen Investment Trust (CIT) to consider waiving interest, damages, and penalties for that period. Additionally, the NAC seeks to ease the loan repayment process by increasing the number of installments.
