28th Board Meeting of IBN Concludes

KATHMANDU: The 28th meeting of Investment Board Nepal (IBN) held under the chairmanship of Right Honorable Prime Minister Sher Bahadur Deuba and chairman of IBN  on November 13. The meeting held in the Sigh Durbar decided to extend deadline for developers of Arun-3 and Upper Karnali hydropower projects by six months and one year. Developers of both projects ( Sutlej-Arun 3 Power Development Company ( SAPDC developer of Arun-3 and GMR Upper Karnali Hydropower Ltd of Upper Karnali ) had sought extension of deadline for FC citing delay from Nepal government’s part to provide private land and forest land for the projects. As per the extended deadline, Arun-3 developer and Upper Karnali developers have to complete financial closure by March 30 and September 18, 2018.  

The initial two-year deadline given to GMR had expired on September 18 and SAPDC on November 24, 2016. 
The meeting also directed IBN Office to conduct Detailed Feasibility Study (DFS) and Detailed Project Report (DPR) for  Route No. 2 (Nagdhunga-Kalanki-Koteswor-Dhulikhel) of Kathmandu Valley Metrorail  Project based a designated committee headed by a  National Planning Commission.

On the occasion, Maha Prasad Adhikari, CEO of IBN updated the Board about the project being overseen by IBN. On the occasion, Deputy Prime Minister and Energy Minister Kamal Thapa, Finance Minister and Vice-chair of IBN Gyanendra Bahadur Karki, NPC Vice-chair Dr Swarnim Wagle, Chief Secretary Lok Darshan Regmi, Nepal Rastra Bank Governor Dr Chiranjibi Nepal,  board members from private sector Hari Bhakta Sharma, Rajesh Kaji Shrestha and Bal Krishna Sibakoti and high ranking officials of Nepal government were also present. ♦

Click here for Press Release of 28th Board Meeting of IBN, held on 13 November, 2017.