Financial awareness to compensation recipients of Damak industrial park project

KATHMANDU: The Office of the Investment Board Nepal (OIBN) and Industrial District Management Ltd. (IDML) jointly organized a financial awareness program for recipients of compensation from the China-Nepal Friendship Industrial Park Project in Damak, Jhapa. The awareness programs was held in an effort to sensitize recipients on ways to properly utilize the compensation and the economic opportunities for investment and employment that will be available at the local level with the implementation of the project. Honorable Vice-Chair of the National Planning Commission (NPC) Mr. Pushpa Raj Kandel inaugurated the three-day…

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Upper Tamakoshi hydropower project successfully tests dam

Kathmandu, March 22 With an aim to meet the latest completion deadline of July 15, the 456-megawatt Upper Tamakoshi Hydropower Project (UTHP) has completed the necessary tests of its dam, headworks, descender and semi-reservoir today. A team of high-level governmental officials, including Minister for Energy, Water Resources and Irrigation Barsha Man Pun, member of National Planning Commission Krishna Prasad Oli, managing director of Nepal Electricity Authority Kul Man Ghising and other officials witnessed the technical tests of the project. The project has constructed a 22-metre-high and 60-metre-wide dam. It had…

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Pandemic is a chance to rethink development

COVID-19 offers an opportunity to recalibrate Nepal’s economy towards self-reliance and preparedness Ivan G Somlai March 27, 2020 It was amazing to see the dramatic before-and-after satellite images of pollution reduction after coronavirus lockdowns in China, and how quickly the air could be cleaned up and improve health. But to sustain that, individuals, countries and economies must consciously reduce consumerism, realign our means of production, and rethink economic ‘growth’. For Nepal it is a chance to recalibrate the economy and steer it towards more self-reliance, and preparedness for future disasters of this nature.…

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The impact of COVID-19 on remittances

As the world economy grinds to a halt with country after country shutting down in all but the most essential activities, the focus has been on stimulus packages, equity, fixed-income markets, and moves targeting currency and commodity prices. There was less focus on lower-income countries. Some 80 countries have approached the International Monetary Fund (IMF), which is ready to deploy its full quick-response toolbox consisting of debt relief for IMF loans, rapid-financing facilities and a trillion-dollar lending facility. Some of the G20’s $5 trillion coronavirus rescue package, which was announced…

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Let’s invest money for capital formation: Finance Minister Dr Khatiwada

KATHMANDU: The government has come up with strict measures to tackle the impact of COVID-19 on economy and other areas. Against this backdrop, Minister for Finance, who is also the Minister for Communications and Information Technology, Dr Yubaraj Khaitwada has talked about the government measures to combat COVID-19, economic relief packages and other things that the government has pushed forward. “First of all the country is in a difficult situation. All the problems that we encounter are not created by ourselves. But, we have to face the problems created by…

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MoU for a Logistics Park in Biratnagar

KATHMANDU: On December 15, 2019, the Office of the Investment Board Nepal (OIBN), CG Logistics Pvt. Ltd. and Sharaf Group of the UAE signed a Memorandum of Understanding (MoU) to construct and operate a Multi-Modal Logistics Park (MMLP) in Biratnagar. Mr. Maha Prasad Adhikari, OIBN’s CEO, Mr. Nirvana Chaudhary of CG Logistics and Mr. Salah Sharaf of Galaxy Terminal of Sharaf Group signed the MoU on behalf of their respective organizations. H. E. Saeed Hamdan Al-Naqbi, ambassador of UAE to Nepal, was also present on the occasion. CG Logistics Pvt.…

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Press Conference on the Progress of Projects

KATHMANDU:  The Office of the Investment Board Nepal (OIBN) organized a press conference on January 3, 2020 to provide a briefing on the progress of various projects being overseen by Investment Board Nepal and the outcomes of the Nepal Investment Summit held last year in Kathmandu. OIBN highlighted the procurement and implementation status of 50 projects showcased during the two-day summit. It shared that the OIBN has shortlisted qualified investors after completing a pre-qualification evaluation process for 14 projects worth NPR 1,188 billion. Among those projects, the implementation of Tamor…

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Interaction with Stakeholders of the Arun-3 Project on Access Road Issues

KATHMANDU: The Office of the Investment Board of Nepal (OIBN) interacted with stakeholders of Arun-3 Project on December 16, 17 and 24 regarding compensation issues for the Chhyankuti-Diding access road to the Project. During the meeting held on December 16, former law makers representing Sankhuwasabha Mr. Taraman Gurung, Mr. Deepak Khadka and Mr. Dil Nath Giri were present. Similarly, Joint Secretary at the Ministry of Home Affairs Mr. Ram Prasad Acharya, Joint Secretary at Office of the Prime Minister and Council of Ministers Mr. Chhabi Rijal and Under Secretary at…

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IBN, HIDCL Team Visits Tamor Project Districts

TEHRATHUM:  A high-level team from OIBN led by CEO Mr. Maha Prasad Adhikari conducted a reconnaissance field visit from December 17 to 22, 2019 in districts that will be affected by the Tamor Hydropower Project.  The project was showcased at Nepal Investment Summit held from March 29 to 30, 2019.  The OIBN subsequently completed the initial screening of applications and evaluations of detailed proposals for the project. The 41st meeting of the Investment Board Nepal (IBN) convened on October 11, 2019 granted OIBN the permission to sign a Memorandum of…

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PMU Visits Arun-3 Project Sites

SANKHUWASABHA: Members of the Project Monitoring Unit (PMU) of Arun-3 Hydropower Project, led by its Chair and the Joint Secretary of the Office of the Investment Board Nepal (OIBN) Mr. Balaram Rijyal, visited the project sites in Phaksinda and Diding of Makalu and Chichila rural municipalities of Sankhuwasabha respectively from December 3 to 6, 2019. The team comprised of the Senior Divisional Engineer at the OIBN and Member Secretary of the PMU Mr. Sunil Poudel, Under Secretary at OIBN Mr. Ishwori Prasad Dhakal, and consultants at OIBN Mr. Ratish Basnyat,…

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