IBN Formulates SOP

IBN Formulates SOP

KATHMANDU: In an effort to smoothen its functioning, ensure effective service delivery and streamline its relationship with other agencies, IBN has formulated a Standard Operating Procedure (SOP). The SOP provides clear and transparent steps for investors seeking to start a new business in Nepal. It also sets out the specific roles and responsibilities of the various government agencies, including ministries, in relation to project development and implementation. The SOP stipulates that it is the responsibilities of the various divisions to provide adequate and accurate information to investors. 

“We are trying to strengthen our relationship with various government agencies through the SOP”, explained IBN Chief Executive Officer (CEO), Maha Prasad Adhikari. He further stated that the SOP can be a guide for investors to start any business in Nepal: “Through the SOP we want to demonstrate that IBN is a professional, efficient and transparent government agency”. The SOP aims to serve IBN’s key objective of promoting private investment, particularly foreign direct investment, which is crucial to accelerate economic growth in Nepal. 

IBN Prepares PIA Template

KATHMANDU: IBN has developed the final draft of a template of project investment agreements (PIAs) for executing private projects. Generally, PIAs are signed for the projects, which would not be handed over to the government by developers after certain  concession period. The draft template has been prepared by IBN, after completing a series of consultations with developers, experts and stakeholders. 

The template will be endorsed at a meeting of IBN before it comes into force. The PIA template clearly delineates the authorities as well as responsibilities of the government, and the responsibilities of the developer in relation to project implementation. 

The PIA also envisages incentives on behalf of the government to project developers. The PIA will facilitate the smooth implementation of projects and boosting the confidence of foreign investors looking to invest in Nepal. ♦