42nd Board Meeting of IBN held

KATHMANDU: The 42nd meeting of Investment Board Nepal (IBN) was held under the chairmanship of Right Honorable Prime Minister and Chair of IBN Mr. K. P. Sharma Oli on December 29, 2019. The meeting decided to grant approval to the project developer to invest NPR 65 billion in the Upper Trishuli-1 Hydropower Project. Similarly, the meeting also decided to approve investment worth NPR 11.77 billion and NPR 8.22 billion for the Marsyangdi Besi Hydropower Project and Upper Trishuli-3-B Hydropower Project respectively. The meeting restructured a committee formed to study compensation for land acquired for the construction of
Chhyangkuti-Diding access road of the Arun-3 Hydro Power Project by providing additional technical human resources. The meeting also provided two months to the committee to submit its report regarding the land and compensation issues along the road section.
Likewise, the meeting directed the Office of the Investment Board Nepal (OIBN) to initiate the process of handing over the Integrated Agriculture Project Development Projects to be developed in Banepa and Chitwan of Bagmati Province, Godawari and Attaria of Sudurpaschim Province, Hemja of Gandaki Province, Urlabari of Province 1, and Parsagadhi of Province 2 to concerned provinces or relevant federal ministries. The meeting also decided to provide necessary technical support, coordination and facilitation to concerned provinces or federal ministries in the process of selecting developers for the projects and in the process of project implementation. Presiding over the meeting, Right Honorable Prime Minister Mr. Oli stressed on the function of IBN to bring about long term visible impact, even though the result of OIBN’s activities could not be felt immediately. Reiterating that the government is always ready to create an environment to implement large-scale projects in the country, Prime Minister Oli underlined the need for effective coordination among relevant agencies. OIBN CEO Mr. Maha Prasad Adhikari delivered a presentation on the implementation status of projects being facilitated by IBN.
On the occasion, Honorable Minister for Finance and Vice-Chair of IBN Dr. Yubaraj Khatiwada, Honorable Minister for Industry, Commerce and Supplies Mr. Lekh Raj Bhatta, Honorable Minister for Energy, Water Resources and Irrigation Mr. Barsa Man Pun, Honorable Minister for Forest and Environment Shakti Bahadur Basnet, Honorable Minister for Agriculture and Livestock Mr. Ghanashyam Bhusal, Governor of Nepal Rastra Bank Dr. Chiranjibi Nepal, IBN members Ms. Bhawani Rana, Mr. Rajesh Kaji Shrestha, Mr. Balkrishna Siwakoti representing the private sector, and high-ranking officials of Nepal government were also present. ♦