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 Hydropower Project has progressed with a firm selected for the Detailed Feasibility Study (DFS) of the storage-based 756 MW project.

After the summit, OIBN initialized a Memorandum of Understanding (MoU) to implement a Vehicle Manufacturing and Assembling Plant Project with an estimated cost of NPR 10.54 billion. Similarly, a MoU has been signed to implement the China-Nepal Friendship Park Project in Damak of Province 1 with an investment of NPR 64. 61 billion. OIBN also signed MoUs with two firms separately to prepare DFSs to develop Multimodal Logistics Parks in Biratnagar, Birgunj and Bhairahawa with a combined cost of NPR 13 billion.

Similarly, out of 15 proposals for unsolicited projects, 10 projects are under study for implementation. Reading out the press release, OIBN’s Joint Secretary Mr. Balaram Rijyal said the progress in implementation of these projects would be instrumental in developing infrastructure in the energy, industry, transport, and agriculture sectors of the country. Mr. Rijyal also informed journalists that 16 more MoUs signed on the occasion of the summit are under implementation.

IBN has been implementing and facilitating projects from nine different sectors worth NPR 565 billion. Of those projects, Arun-3 Hydro Power Project has achieved good progress with one-third construction of its vital infrastructures including the dam, powerhouse and tunnels completed by December, 2019. Similarly, Hongshi Shivam Cement Pvt. Ltd., which commenced commercial production from June 2018, has been producing not only cement but also clinker, the key raw material for cement production. The foundation stone of Huaxin Cement Narayani Pvt. Ltd. was laid in 2019 with the aim of commencing production from July 2020.

The Public Private Partnership and Investment (PPPI) Act, 2019 came into force and has widened the jurisdiction and increased the responsibility of IBN. Immediately after the introduction of the Act, the process of providing a single window service to investors by establishing a One Stop Service (OSS) unit at OIBN. The PPPI regulations and related guidelines which are being formulated by OIBN are expected to simplify the technical and administrative process for investors.