KATHMANDU: The 53rd Board meeting of the Investment Board Nepal led by Prime Minister Pushpa Kamal Dahal approved investment worth Rs 167.57 billion for five hydroelectric projects.
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Prime Minister and Chairperson of Investment Board Nepal, Pushpa Kamal Dahal, attends the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board on Thursday, April 13, 2023.[/caption]
The meeting was held on the premises of the Office of the Investment Board on Thursday.
The Board has approved investment worth Rs 167.57 billion for five hydroelectric projects, including Rs 146.2 billion foreign direct investment (FDI) and Rs 21.37 billion domestic investment. Along with providing approval for investment worth Rs 92.68 billion proposed by the developer of the 669 Lower Arun Hydroelectric Project, the Board decided to form a project development agreement (PDA) negotiation committee led by the Chief Executive Officer (CEO) of the Investment Board Nepal and instructed to submit the document of consensus to the Board.
Likewise, other hydroelectric projects consist of 102 MW Upper Marsyangdi-1 (Rs 33.19 billion); 70 MW Dudhkoshi-2 Jaleshwor (Rs 20.35 billion); 70.3 MW Simbuwa Khola (Rs 13.44 billion) and 43 MW Upper Madi-0 (Rs 7.93 billion). Among the aforesaid projects, FDI worth Rs 146.2 billion is approved for three hydroelectric projects that include Lower Arun, Dudhkoshi-2 (Jaleshwor) and Upper Marsyandi HEP) with a total rated capacity of 841 MW will be in the purview of the IBN.
The Board has approved the memoranda of understanding (MoU) to be signed with DIAG Industries GmbH Germany to establish a chemical fertiliser plant and Dabur Nepal for the capital increment to execute production capacity enhancement project in Nepal. Similarly, the Board granted permission to Malaysia-based reNIKOLA Holdings Sdn Bhd for conducting study on establishing Green Calcium Ammonium Nitrate (CAN) fertiliser plant in Nepal.
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Prime Minister, ministers and other stakeholders attend the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board in Kathmandu, on Thursday, April 13, 2023.[/caption]
Moreover, the Board has noted the instincts of the inception report of West Seti HEP submitted by NHPC, the Government of India Enterprise and instructed to prepare the detailed project report (DPR) as prescribed in the MoU that was signed as per the decision of the Government of Nepal last year. In addition, the progress of Tamor Storage Hydroelectric Project, Logistics Projects and Vehicle Manufacturing Assembly Plant were presented to the Board.
Further, the Board endorsed the concept note of the Nepal Investment Summit (NIS) and authorised the OIBN to initiate necessary preparation for the successful convening of the summit.
During the meeting, PM Dahal who is also Chairperson of IBN, instructed the concerned stakeholder for effective coordination and collaboration to deliver results. Citing a few barriers that are responsible for cost and time overrun in projects like land acquisition and local benefit sharing among others; He urged for continued coordination and collaboration among concerned ministries and agencies for the timely completion of projects.
[caption id="attachment_35269" align="alignnone" width="1000"]
Prime Minister, ministers and other stakeholders attend the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board in Kathmandu, on Thursday, April 13, 2023.[/caption]
In the meeting, IBN CEO, Sushil Bhatta delivered a comprehensive presentation covering a wide range of issues concerned with project facilitation, and progress on the decisions made by the previous board meeting. He said the OIBN is highly determined to deliver results in project development and facilitation as instructed by the Board.
Minister for Finance and Vice Chairperson of the IBN; Minister for Energy, Water Resources and Irrigation, Minister for Industry, Commerce and Supplies, Minister for Agriculture and Livestock Development, Minister for Land Management, Cooperatives and Poverty Alleviation, Vice-Chairman of the National Planning Commission, Chief Secretary of the Government of Nepal, Governor of Nepal Rastra Bank and expert members of the Board and other high ranking government officials were present in the meeting.
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Prime Minister and Chairperson of Investment Board Nepal, Pushpa Kamal Dahal, attends the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board on Thursday, April 13, 2023.[/caption]
The meeting was held on the premises of the Office of the Investment Board on Thursday.
The Board has approved investment worth Rs 167.57 billion for five hydroelectric projects, including Rs 146.2 billion foreign direct investment (FDI) and Rs 21.37 billion domestic investment. Along with providing approval for investment worth Rs 92.68 billion proposed by the developer of the 669 Lower Arun Hydroelectric Project, the Board decided to form a project development agreement (PDA) negotiation committee led by the Chief Executive Officer (CEO) of the Investment Board Nepal and instructed to submit the document of consensus to the Board.
Likewise, other hydroelectric projects consist of 102 MW Upper Marsyangdi-1 (Rs 33.19 billion); 70 MW Dudhkoshi-2 Jaleshwor (Rs 20.35 billion); 70.3 MW Simbuwa Khola (Rs 13.44 billion) and 43 MW Upper Madi-0 (Rs 7.93 billion). Among the aforesaid projects, FDI worth Rs 146.2 billion is approved for three hydroelectric projects that include Lower Arun, Dudhkoshi-2 (Jaleshwor) and Upper Marsyandi HEP) with a total rated capacity of 841 MW will be in the purview of the IBN.
The Board has approved the memoranda of understanding (MoU) to be signed with DIAG Industries GmbH Germany to establish a chemical fertiliser plant and Dabur Nepal for the capital increment to execute production capacity enhancement project in Nepal. Similarly, the Board granted permission to Malaysia-based reNIKOLA Holdings Sdn Bhd for conducting study on establishing Green Calcium Ammonium Nitrate (CAN) fertiliser plant in Nepal.
[caption id="attachment_35270" align="alignnone" width="1000"] Prime Minister, ministers and other stakeholders attend the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board in Kathmandu, on Thursday, April 13, 2023.[/caption]
Moreover, the Board has noted the instincts of the inception report of West Seti HEP submitted by NHPC, the Government of India Enterprise and instructed to prepare the detailed project report (DPR) as prescribed in the MoU that was signed as per the decision of the Government of Nepal last year. In addition, the progress of Tamor Storage Hydroelectric Project, Logistics Projects and Vehicle Manufacturing Assembly Plant were presented to the Board.
Further, the Board endorsed the concept note of the Nepal Investment Summit (NIS) and authorised the OIBN to initiate necessary preparation for the successful convening of the summit.
During the meeting, PM Dahal who is also Chairperson of IBN, instructed the concerned stakeholder for effective coordination and collaboration to deliver results. Citing a few barriers that are responsible for cost and time overrun in projects like land acquisition and local benefit sharing among others; He urged for continued coordination and collaboration among concerned ministries and agencies for the timely completion of projects.
[caption id="attachment_35269" align="alignnone" width="1000"] Prime Minister, ministers and other stakeholders attend the 53rd Board meeting of the Investment Board Nepal at the Office of the Investment Board in Kathmandu, on Thursday, April 13, 2023.[/caption]
In the meeting, IBN CEO, Sushil Bhatta delivered a comprehensive presentation covering a wide range of issues concerned with project facilitation, and progress on the decisions made by the previous board meeting. He said the OIBN is highly determined to deliver results in project development and facilitation as instructed by the Board.
Minister for Finance and Vice Chairperson of the IBN; Minister for Energy, Water Resources and Irrigation, Minister for Industry, Commerce and Supplies, Minister for Agriculture and Livestock Development, Minister for Land Management, Cooperatives and Poverty Alleviation, Vice-Chairman of the National Planning Commission, Chief Secretary of the Government of Nepal, Governor of Nepal Rastra Bank and expert members of the Board and other high ranking government officials were present in the meeting.
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Published Date: April 15, 2023, 12:00 am
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