Nepal Airlines Corporation (NAC) has repaid Rs 1.35 billion to Employees’ Provident Fund (EPF) and Citizen Investment Trust (CIT).
NAC took the loan to purchase narrow body and wide body aircrafts for the national flag carrier’s fleet. The amount was credited to EPF and CIT on July 14.
The payment comes as part of NAC’s installment pending for almost one and a half years. According to NAC official, company succeeded in paying its fiscal liabilities after it saw robust business due to growth in flight occupancy rate since the past couple of months.
Spokesperson of NAC Archana Khadka shared that the EPF was repaid Rs 900 million, which was taken for the purchase of narrow body and wide body aircrafts.
Similarly, Rs 450 million was repaid to CIT as an installment taken during the time of purchase of wide body aircraft for the NAC.
The NAC had failed to repay the installment amount in time after the COVID-19 outbreak due to reduced business.