IBN approves investment worth NPR 185.43 billion

KATHMANDU: The 44th meeting of Investment Board Nepal (IBN) was held in Baluwatar under the chairmanship of the Right Honorable Prime Minister and Chairman of IBN Mr. K. P. Sharma Oli on June 19, 2020. The meeting approved NPR 185.43 billion worth of investment for a total of seven projects. The meeting approved investments worth NPR 78.65 billion for the 327 MW Upper Marshyangdi Hydropower-2 Project, NPR 6.3 billion for the 42.9 MW Ankhukhola Hydropower Project, NPR 10.31 billion for the 57.3 MW Myagdi Khola Hydropower Project, NPR 13.57 billion for the 97.2 MW Isuwa Khola Hydropower Project, and NPR 28.06 billion for the 164 MW Kaligandaki Gorge Hydropower Project. The meeting also approved investment worth NPR 32.5 billion and NPR 15.05 billion for Dang Cement Industries and Samrat Cement Industries, respectively.
Similarly, the meeting granted permission to Risen Energy Singapore JV Pvt. Ltd. to conduct feasibility studies to develop and operate 125 MW solar power plants with 20 MW storage capacity in Kapilvastu district and Kohalpur of Banke district under the public-private partnership (PPP) model. Considering the emerging abnormal situation due to the COVID-19 pandemic, the meeting decided to extend the timeline for completing the detailed feasibility of the following projects: China-Nepal Friendship Industrial Park in Damak, Muktinath Cable Car, Multimodal Logistics Park, and Private Freight Terminal and Bulk Handling Facility.
Mr. Balaram Rijyal, then Joint Secretary of the Office of the Investment Board Nepal (OIBN) gave a brief on investment promotion and facilitation activities of OIBN. Other dignitaries present on the occasion were Honorable Minister for Finance and Vice-chairman of IBN Dr. Yubaraj Khatiwada, Honorable Minister for Energy, Water Resources and Irrigation Mr. Barsha Man Pun, Honorable Minister for Industry, Commerce and Supplies Mr. Lekha Raj Bhatta, Honorable Minister for Forest and Environment Mr. Shakti Bahadur Basnet, Honorable Minister for Physical Infrastructure and Transport Mr. Basanta Nembang, Honorable Vice Chair of the National Planning Commission Dr. Pushpa Raj Kandel, Governor of Nepal Rastra Bank Mr. Maha Prasad Adhikari, IBN members from the private sector (Ms. Bhawani Rana, Mr. Rajesh Kaji Shrestha, Hari Bhakta Sharma, Balkrishna Siwakoti, Chandra Prasad Dhakal), and high-ranking officials of the Government of Nepal. ♦