54TH MEETING OF IBN

KATHMANDU, MAY 28

The 54th meeting of the Investment Board Nepal (IBN) held today under the chairmanship of Prime Minister and Chairman of IBN Pushpa Kamal Dahal has decided to approve the final draft of the project development agreement (PDA) with SJVN Lower Arun Power Development Company (SLAPDC) for the development of 669 MW Lower Arun Hydropower Project and send the proposal to the Cabinet for approval.

As per the decision, the negotiating committee, which has representatives from various ministries and agencies under the coordi-nation of the chief executive officer of the IBN, has prepared the final draft document of the PDA with SJVN Limited India's agreement in a phased manner. In the previous meeting of the board, Rs 92.68 billion was approved for the Lower Arun Hydropower Project.

It is expected that the development of the 669 MW project will contribute significantly to the economic and social development of the country. Similarly, the meeting has decided to correspond with the proponent regarding the compliance of the memorandum of understanding dated January 19, 2020 regarding the progress of the 756 MW Tamor storage hydropower project.

In the meeting, Sushil Bhatt, chief executive officer of IBN, informed about the progress made in relation to the development of the projects and the major tasks carried out by the office of the IBN as directed by the previous board meeting.

At the meeting, PM Dahal thanked all those who directly/indirectly played a role in preparing the final draft of the project development agreement in order to promote the national interest regarding the development of the Lower Arun Hydropower Project. He also directed all the agencies of the Nepal government to act in a manner that is favourable to the national interest.

Various ministers, members of IBN and high-ranking officials of the government of Nepal among others were present in the meeting.

A version of this article appears in the print on May 29, 2023, of The Himalayan Times.