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February 11: The Ministry of Finance (MoF) has said that it plans to make 5 percent investment in a fund of Rs 10 billion that Non-Resident Nepali Association (NRNA) is setting up to finance infrastructure projects.
Issuing a statement on Thursday, the MoF said that it is chipping in 5 percent in the fund that the NRNA plans to operate to finance infrastructure projects in the country.
The commitment means the government will invest a total of Rs 500 million in the fund to be operated through a separate public company.
Meanwhile, a delegation led by NRNA President Kumar Panta met Minister for Finance Bishnu Prasad Paudel on Thursday to discuss about the progress on setting up the fund.
According to the statement, NRNA President Pant told Finance Minister Paudel that the NRNA has already started a process to establish the public company to operate the fund.
NRNA will have 10 percent stake in the infrastructure company while nonresident Nepali will own 80 percent shares, the statement said quoting NRNA President Panta.
The new company also plans to float its shares to the public to mobilize capital for the investment on various infrastructure projects.
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<p>The commitment means the government will invest a total of Rs 500 million in the fund to be operated through a separate public company.</p>
<p>Meanwhile, a delegation led by NRNA President Kumar Panta met Minister for Finance Bishnu Prasad Paudel on Thursday to discuss about the progress on setting up the fund.</p>
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<p>NRNA will have 10 percent stake in the infrastructure company while nonresident Nepali will own 80 percent shares, the statement said quoting NRNA President Panta.<br />
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<p>The commitment means the government will invest a total of Rs 500 million in the fund to be operated through a separate public company.</p>
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<p>According to the statement, NRNA President Pant told Finance Minister Paudel that the NRNA has already started a process to establish the public company to operate the fund.</p>
<p>NRNA will have 10 percent stake in the infrastructure company while nonresident Nepali will own 80 percent shares, the statement said quoting NRNA President Panta.<br />
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