IBN approves Rs14b Chinese investment

IBN approves Rs14b Chinese investment

  • 19th IBN board meeting

SANJEEV GIRI, Kathmandu Post

Dec 21, 2015- The Investment Board Nepal (IBN) has approved a proposal of China’s Huaxin Narayani Investment to set up a cement factory. The Chinese company would invest Rs14 billion ($140 million) in the cement plant, according to the proposal approved by the 19th IBN board meeting chaired by Prime Minister KP Sharma Oli on Sunday. IBN CEO Radhesh Pant said the company was looking for a site in the Eastern, Central and Western regions to set up the plant. “The company plans to produce 1.1 million tonnes of cement annually,” he said. This is the second largest Chinese investment in cement and fourth largest overall.
The meeting also directed IBN to amend the Investment Board Act 2010 in line with the new Constitution that has federated the country into seven provinces. “We need to make amendments to the Act for fast-tracking development projects in line with Nepal’s new Constitution,” Pant said. “The amendment will also address deficiencies in Act.”
He said IBN aims at completing the amendment task in the next two months.Amid a severe energy crisis, the meeting also decided to forward a proposal of Gurkha’s UK Limited to generating 300MW wind energy within a year and 3,000MW in three years to the Cabinet. “Once we receive the Cabinet’s authorisation, we will initiate further process by coordinating with the Energy Ministry and National Planning Commission (NPC),” Pant said.
IBN has also been directed to provide technical assistance to Budhi Gandaki Hydro power Project Development Committee that is developing the 1,200MW storage-type project. To hold a study to ascertain the actual energy demand, the board has formed a high-level committee under the coordination of NPC Vice-chairman Yuba Raj Khatiwada. The committee will have members from the Ministry of Energy and IBN. The committee will have its secretariat at the IBN office. During Sunday’s meeting, PM Oli urged IBN and ministries concerned to find a way to end load shedding within a year, according to an IBN statement. The PM also directed authorities concerned to fast-track processes like environment impact assessment and solve issues related to land acquisition through legal ways.

“The tendency of obstructing development tasks won’t be considered under any condition. The government will take action against those involved in obstructing development tasks,” the IBN statement quoted Oli as saying.

IBN, iDeck sign agreement

KATHMANDU: Investment Board Nepal (IBN) has signed an agreement with Indian Infrastructure Development Corporation (iDeck) for conducting a detailed feasibility study to establish a chemical fertiliser industry in Nepal. The agreement was signed by IBN CEO Radhesh Pant and Padmanabhan Nair, International Business President of iDeck on Friday. As per the agreement, the Karnataka-based company will have to submit the report within 12 months from the date of agreement. “The company will study feasibility of a chemical fertiliser industry in Nepal, analysis of financial benefits after the company comes into operation, best possible technology for establishing the industry, employment creation and environmental impact assessment among others,” IBN said in a statement.