IBN Approves Rs 97 billion worth of investment

KATHMANDU: The 47thm meeting of Investment Board Nepal (IBN) was held under the chairmanship of the Right Honorable Prime Minister and chairman of IBN Mr. KP Sharma Oli on 22 June. The meeting convened at Prime Minister’s Office Baluwatar, approved investment worth Rs 97 billion in two hydropower projects with USD 540 million for 285 MW Upper Tamor Hydropower and Rs 33.41 billion for 139.2 MW Manag Marsyangdi Hydropower Project. The meeting also approved the Detailed Project Report (DPR) of Nepal’s largest industrial park- China Nepal Friendship Industrial Park to be developed in Damak of Jhapa under Public-Private Partnership (PPP) and instructed the OIBN to make the necessary preparation to sign the Project Development Agreement (PDA) with the developer company. The meeting also approved a Memorandum of Understanding (MoU) to be signed with project developer SJVN Limited India to issue a survey license for conducting a Detailed Feasibility Study (DFS) of 679 MW Lower Arun Hydropower Project to be developed in Sankhuwasabha district of Province-1. The meeting also instructed the Ministry of Energy, Water Resources, and Irrigation to undergo legal reform by addressing existing unclarity in the process of issuing survey licenses for the 756 MW Tamor Storage Project. The meeting also formed a committee headed by the Vice-Chairman of the National Planning Commission (NPC) to recommend an appropriate modality for development and investment for West Seti -SR-6 Joint Project. The meeting also instructed the OIBN to move forward with the process to provide compensation to respective owners for land acquired along the Chhyankuti-Diding access road of Arun-3 Hydropower Project. Similarly, the meeting approved the “Guideline on Foreign Currency Exchange and Transfer Facility, 2078 BS ( 2021 )’, which is designed for institutional reform and management of the operating system of the OIBN.

Presiding over the meeting, Right Honorable Prime Minister Mr. Oli instructed concerned government officials to simultaneously developed transmission lines and generation components of energy projects maintaining mutual coordination and facilitation, while developing energy projects. Mr. Oli also stressed the need to expedite industrial development to boost the consumption of energy generated within the country. On the occasion, Honorable Finance Minister and Vice Chairman of IBN Mr. Bishnu Prasad Paudel said proposals tabled in the IBN meetings are crucial and supportive for the economic development of Nepal stressing the need to effectively implement the decisions of IBN. OIBN CEO Mr. Sushil Bhatta briefed the meeting on progress in project development, institutional development, and other key activities of the OIBN.

Other dignitaries present on the occasion were Honorable Minister for Energy, Water Resources and Irrigation Mr. Sharat Singh Bhandari, Minister for Industry, Commerce and Supplies Mr. Raj Khishore Yadav, Minister for Physical and Transport Mr. Basanta Nembang, Minister for Forest and Environment Mr. Narad Muni Rana, Vice Chairman of the National Planning Commission Dr. Pushpa Raj Kandel, Chief Secretary of Nepal government Mr.Shankardash Bairagi, Governor of Nepal Rastra Bank Mr. Maha Prasad Adhikari, expert members of IBN ( Mr. Hari Bhakta Sharma, Ms. Bhawani Rana, Mr. Rajesh Kaji Shrestha, invitee member Balkrishna Siwakoti ) and other high-ranking officials of Nepal government.