NRNA to invest in priority sectors

Kathmandu, November 17

The Non-Resident Nepali Association (NRNA) has announced that it will invest in the country’s priority sector as set by the government. Establishing an investment company with a capital of Rs 10 billion, NRNA has planned to invest in hydropower, tourism and agriculture sectors, which are priority sectors set by the government.

“All members of the organisation will invest in the firm and the fund thus collected will be invested on priority basis,” informed Kumar Panta, vice chairman of NRNA.

A meeting of NRNA held in Dhulikhel between November 15 and 17 has decided to establish the investment firm within one month.

“We will collectively invest in the company, and only after a detailed study of individual projects will the decision for investment be made.”

The meeting also decided to form a committee under coordination of its President Bhaban Bhatta to move ahead with the construction of an integrated settlement at Laprak of Gorkha district — a village that was highly affected by the devastating earthquakes of April and May, 2015. NRNA has taken the responsibility to construct the integrated settlement at Laprak and it will construct 573 houses with investment of Rs 420 million.

According to Badri KC, general secretary of NRNA, 60 per cent of total physical works regarding construction of integrated settlement has been completed. However, due to shortage of skilled masons and approaching winter season, construction works will be affected.

NRNA also decided to take initiative for Bilateral Investment Protection and Promotion Agreement and Double Tax Avoidance Agreement with multiple countries to promote foreign investment and NRN’s investment in Nepal.

The organisation has also decided to create Foreign Employment Welfare Fund worth Rs 50 million. It also has plans to establish a provident fund for Nepali migrants workers. NRNA also plans to rescue Nepali migrant workers who have been incarcerated in jails in Malaysia and Gulf countries. It will also provide Rs 1.25 million to Thaneshwar Bhusal, who is in prison in Saudi Arabia.

As per the decision made by the meeting, NRNA will take the initiative to establish NRNA Science Foundation Trust, and conduct Road Safety and Traffic Management Programme, and Technology Transfer Programme on Health and Hygiene. It will also give continuity to Nepal Library Programme and start operations for a Policy Academy and an Open University in Nepal.