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 awareness program that was conducted in Damak Munucipality, Gauradaha Municipality and Kamal Rural Municipality of Jhapa. Speaking at the inaugural session, Mr. Kandel urged compensation recipients to maximize the utilization of the cash received from the project to improve their economic standards. Mr. Bal Krishna Siwakoti, board member of IBN, said projects like the industrial park would unleash employment and business opportunities at the local level. Mr. Balaram Rijyal, Joint Secretary of OIBN, said the government was ready to offer any kind of support to ensure the timely delivery of the project.
Mr. Nanda Basnet, chairman of IDML, said the government is preparing to speed up the process of distributing compensation to clear the deck for the implementation of the project. Mr. Rom Nath Oli (Mayor of Damak Municipality), Mr. Rohit Sah (Mayor of Gauradaha Municipality), and Ms. Menuka Kafle (Chair of Kamal Rural Municipality) expressed their commitment to extend their support for the smooth implementation of the project. Local people’s representatives including chairs of the project impacted wards (Kamala Rural Municipality-7, Gauradaha Municipality-7 and Damak Municipality-10), government officials, project concern groups, representatives from different political parties and compensation recipients were present on the occasion.
Mr. Prabhakar Ghimire and Mr. Kedar Acharya from OIBN and representatives from Kumari Bank were the instructors of the awareness program that were conducted in the respective wards of the affected municipalities and rural municipality. OIBN had dispatched a six member team led-by Joint Secretary Mr. Rijyal to conduct the financial awareness program. Other members of the team were Mr. Ghanashyam Ojha, Mr. Prabhakar Ghimire, Ms. Pragya Adhikari, Mr. Kedar Acharya and Mr. Sourav Dhungana.
The IBN Office conducts financial awareness workshop for every project and is facilitated by OIBN. It targets households and individuals who receive compensation money in lieu of their land and other property acquired by a project. The program reached targeted participants and enhanced their knowledge on saving and investment opportunities as well as other economic opportunities that can be tapped into after the project gets off the ground. Around 200 project-affected people, who took compensation, were given the financial awareness training.
The program also provides a forum for local people to raise their concerns regarding the project. The project is covering around 2,100 bigahas of land for developing necessary infrastructure. Lhasa Economic and Technology Development Zone, in partnership with Ping Trust, has been working in collaboration with IDML of the Nepal government since 2016 to build the park. Lhasa Economic and Technology Development Zone Jing-Ping Joint Creation Construction Project Development Co. Ltd. (JPJCCPD) is the special purpose vehicle setup to build the park. The total project cost is estimated at around NPR 64 billion. The project is expected to become instrumental for infrastructure connectivity, the creation of a good atmosphere for production capacity cooperation and deepening of bilateral economic and trade cooperation mechanisms between Nepal and China. ♦