The singing of MoU has raised hopes that the much-anticipated national pride project will take off.

Chief of Kathmandu-Tarai Fast Track road project, Satyendra Shakya, and Executive Director of IL and FS Mukund Gajanan Sapre signed the MoU this afternoon.

After singing the MoU, Physical Planning Minister Bimalendra Nidhi expressed his happiness for signing the agreement. “There are many misconceptions about the DPR of the fast track road and its costs,” said the minister. “The total cost of the project would be known through the DPR.” He said the IL & FS will prepare the DPR with its own investment.

“The company [IL & FS] will prepare the DPR within four months. After the completion of the DPR, we can evaluate it and decide whether to grant the contract to the company or some other company.”

The estimated cost for the DPR has not been revealed as the company is preparing the report with its own investment.

The Indian company has agreed to construct the fast track road with the cost of Rs 3.17 billion. The company has estimated the cost to rise up to Rs 8.68 billion by the end of the project.

“The DPR will be the company’s property,” said joint secretary at the Ministry, Rabindra Shrestha, “The government will have to buy the DPR from the company in case the company could not secure the contract.”