IBN News

Land acquisition process moves smoothly for Arun-3 TL

KATHMANDU: Amid Covid-19 crisis, the process of acquisition of land moved forward smoothly in all seven concerned districts covered by Transmission Line (TL) of Arun-3 Hydropower Project. Chief District Officers (CDOs) who heads the Compensation Determination Committees (CDCs) in their respective seven districts accelerated the process of determining the compensation of lost land and non-land assets of the affected households. The CDC of Dhanusha district, the most affected district where sub-station is also located, has finalized the compensation for the land to be acquired for a proposed substation in Dhalkebar.…

OIBN intensifies handover farm projects to provinces

KATHMANDU: Office of the Investment Board Nepal (OIBN) has started consultations with concerned provincial officials and developers to handover the Integrated Agriculture Projects to respective provinces. OIBN organized meetings with high-ranking officials of Province 1 and Province 5 on 19th July and 22nd July respectively, to discuss on the ways to move forward the handover process. At a virtual meeting, OIBN interacted with Province 1 officials led by its Honorable Chief Minister Mr. Sher Dhan Rai on handing over the project which is going to be implemented in Urlabari, Morang.…

Covid-19 makes cash management a challenge in firms: Dr. Biswo Poudel, Economist

Dr. Biswo Poudel is an economist. He has long experience working with development partners and was also involved in providing policy recommendations on different occasions for the Government of Nepal. He has been closely watching the macro-economic performance of Nepal. Dr. Poudel talked with IBN Dispatch about the impact of Covid-19 and ways to cope with this crisis in Nepal. How are you assessing the impact of Covid-19 in Nepal? This Covid-19 is affecting the whole world and Nepali is not insulated. We have suffered economically, and its impact has…

Huaxin reports 90 percent progress on civil construction

KATHMANDU: Construction work at Huaxin Cement Narayani project has continued during the lockdown with significant progress being made in the building of key civil structures. Recently, OIBN organized a virtual conference meeting with Huaxin Cement Narayani officials to discuss the impact of the lockdown on the projects. The project reported that it has achieved 90 percent progress in civil construction work, 70 percent in steel structures (plant) and long standard equipment, and 30 percent in installation of equipment. The 83 meters tall pre-heat structure, a key part of any cement…

Arun-3 project achieves financial closure

KATHMANDU: The SJVN-Arun-3 Power Development Company (SAPDC) signed a financial closure (FC) agreement with leading banks of India and Nepal on February 6, 2020. The signing of the FC deal has assured financing of the 900 MW Arun-3 Hydropower Project from the lending banks. Investment Board Nepal (IBN) has been facilitating the implementation of the Arun-3 Project. Five Indian banks – State Bank of India (SBI), Export-Import Bank of India (EXIM), Punjab National Bank (PNB), Canara Bank, and Union Bank of Indi – and two Nepali banks – Everest Bank…

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…

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.…

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…

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…

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…

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,…

MoU on Integrated Agriculture Infrastructure Project with Province 1

BIRATNAGAR: On January 13, 2020, the Office of the Investment Board Nepal (OIBN) held an interaction program with Province 1 on how OIBN can collaborate with the province to develop and promote Public Private Partnership (PPP) projects. At the interaction, Honorable Chief Minister of Province 1 Mr. Sher Dhan Rai said that the province would like to work closely with OIBN on project development and investment promotion. He also requested OIBN support to organize an investment summit in Province 1. “We want to focus on the economic development of the…

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…

“Insufficient government officials is the biggest challenge in Province 1”

Mr. Subodh Pyakurel is the Honorable Vice-Chair of the Province 1 Planning Commission. Mr. Pyakurel, a renowned human rights campaigner, has knowledge of development issues. IBN Dispatch talked in detail with Mr. Pyakurel on development prospects and the implementation challenges of development plans at the provincial level. Mr. Pyakurel said insufficient government officials in Province 1 is the biggest challenge in implementing plans. What are the economic prospects of Province 1? The economic potential of province-1 is very high. Province 1 mirrors Nepal, with geographical diversity from Kechanakalan, the lowest…

IBN, Motrex sign an initial pact

KATHMANDU: The Office of the Investment Board of Nepal (OIBN) and Motrex Co. Ltd., a South Korean company, signed an initial agreement to invest in a four-wheeler vehicle assembling plant in Nepal. After a series of negotiations, CEO of IBN Mr. Maha Prasad Adhikari and CEO of Motrex. Co. Ltd. Mr. Lee Hyung-Hwan placed their initials in the Project Investment Agreement (PIA) on December 11, 2019 which is subject to approval from their respective boards. The 35th meeting of IBN, approved the investment of USD 10.54 million by Motrex. Co.…

MoU for Development of Tamor Storage Hydropower Project Signed

KATHMANDU On January 19, a Memorandum of Understanding (MoU) was signed between the Office of the Investment Board Nepal (OIBN), Power Construction Corporation of China (PCCCL), and Hydroelectricity Investment and Development Company Ltd. (HIDCL) to conduct a detailed feasibility study (DFS) for the proposed Tamor Hydropower Project. CEO of OIBN Mr. Maha Prasad Adhikari, Vice-president of PCCCL Mr. Pan Dengyue, and CEO of HIDCL Mr. Chhabi Raj Pokhrel signed the MoU.  The 756 MW project was first identified in the master plan prepared by JICA in 1985. The project is…