KATHMANDU, APRIL 29

Australian investment has been secured to establish a luxurious resort near Rara Lake in Mugu.

An agreement for this investment was reached with the Expert Group of Australia on the second day of the Third Investment Summit, which began on Sunday.

A memorandum of understanding (MoU) for the investment collaboration was signed by Badri Aryal and Sanjeev Sharma representing the Expert Group, and by Abhisek Bikram Shah representing Rara Holdings Resort Pvt Ltd.

The resort, to be built on an 80-ropani area at Murmatop in Chhayanath Rara Municipality-9, Mugu district, will have an investment of approximately Rs 700 million in the first phase and around Rs 400 million in the second phase, Shah stated.

He mentioned that the goal is to complete the construction of the resort within one and a half years, with a detailed project report already developed.

Additionally, the resort will utilize local resources and reflect local culture in its construction.