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IBN Approves Investment Proposals worth Rs 185.43 Billion

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IBN Approves Investment Proposals worth Rs 185.43 Billion
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June 21: The 44th meeting of Investment Board Nepal (IBN) has approved proposals of seven investment projects worth Rs 185.43 billion. The meeting held on June 20 under the chairmanship of the Prime Minister KP Sharma Oli, who is also chairs the IBN, gave its approval to investment proposals of five hydropower and two cement industry related projects. Similarly, the meeting also decided to extend the deadline for submission of detailed project report (DPR) for different four projects.

IBN, which has remained without CEO for around two months after Maha Prasad Adhikari was appointed governor of the Nepal Rastra Bank, received criticism for its inability to approve investment proposals. According to IBN officials, the combined capacity of the five hydropower projects that received the board’s nod is 688.4 megawatts. Among them, Upper Marshyangdi-2  has capacity of 327MW whereas Kaligandaki Gorge 164MW, Isuwa Khola HEP 87.2MW, Myagdi Khola Hydropower Project 57.3MW and Aankhu Khola Hydropower Project 43.9MW.

The meeting also approved investment proposal of Dang Cement and Samrat Cement. The total investment in these two cement industries is Rs 47.55 billion.

The meeting has also decided to conduct feasibility study of solar project in Kohalpur, Banke and Banganga, Kapilvastu with combined capacity of 125MW. Resen Energy Singapore Joint Venture PTE has been selected for study of the projects that will be developed under public-private partnership (PPP) modality.

“The meeting decided to extend the deadline of projects including China-Nepal Friendship Industrial Park, Muktinath Cablecar, Multimodel Logistic Park and Terminal and block facility project,” informed Balaram Rijal, spokesperson of IBN.

According to him, the deadline for submitting DPR has been extended due to the difficulties created by the transmission of coronavirus. The meeting was participated by finance, energy, industry, commerce and supplies, forest, physical infrastructure and transport ministers. Similarly, Vice-chairman of National Planning Commission, Governor of Nepal Rastra Bank and leaders from all three umbrella association of the country’s private sector were also present in the meeting.

CEO appointment process begins after 2 months

IBN has started the process of appointing CEO two months after Maha Prasad Adhikari was appointed as NRB Governor. A recommendation committee under the Office of the Prime Minister and Council of Ministers has published a notice on Friday to asking for applications for IBN’s CEO within the next 15 days.

 

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