50th Investment Board Nepal meet concludes

KATHMANDU: The 50th meeting of Investment Board Nepal (IBN) held under convenorship of its chairperson, Prime Minister Sher Bahadur Deuba, concluded on Thursday. During the meeting held at Prime Minister's official residence in Baluwatar, PM Deuba approved the investment of Rs 14.27 billion for the construction, operation and management of Suryatara Cement Project. Likewise, the meeting decided to give permission to DIAG Industries GmBH Germany to conduct a feasibility study to set up a chemical fertiliser factory in Bardaghat, Nawalparasi. Likewise, the meeting also approved the detailed project report (DPR) of 679-MW Lower Arun Hydroelectric Project. For the financial management of Upper Karnali Hydroelectric Project, PM Deuba directed the Office of the IBN to submit the report after holding a discussion with developers for the agreement, on the basis of report submitted by the committee led by National Planning Commission (NPC) Vice-Chair Biswo Nath Poudel. The IBN meeting formed two separate study committees led by NPC Vice-Chair. The committees would conduct study on the development and investment for Nijgadh International Airport project, and the purchase and sales of power generated by Arun – III Hydropower Project. The meeting also approved the concept paper for establishing Investment Board Fund, and public-private partnership concept in Design-Build-Finance-Operate-Maintain (DBFOM) model, and directed the office of the IBN and bodies concerned to take necessary legal and institutional arrangements in this regard. For the institutional reform of the office of IBN, the Board approved the criteria related to the operation and regulation of intern recruitment, and formation of expert committee or task force and appointment of specialists and remuneration and facilities including the opinion of the Finance Ministry. During the meeting, PM Deuba stressed the need to attract quality investment to get rid of increasing trade deficit, declining remittances and liquidity crunch. He appreciated the efforts made by the IBN and directed all the ministries and bodies concerned to expedite the implementation of the decisions made by the Board. On the occasion, IBN Chief Executive Officer Sushil Bhatta briefed about the implementation status of the decisions taken by the previous board meeting, progress on project implementation, facilitation and development and institutional reforms and activities undertaken by the office of IBN. Present in the meeting were Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Forests and Environment Ramsahay Prasad Yadav, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale, Minister for Agriculture and Livestock Development Mahindra Ray Yadav, NPC Vice-Chair Poudel, Government's Chief Secretary Shanker Das Bairagi, IBN expert members Hari Bhakta Sharma, Bhawani Rana, Rajesh Kaji Shrestha among other high ranking officials. READ ALSO: 

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