Kathmandu, June 10

Prime Minister KP Sharma Oli, who chairs the Investment Board Nepal (IBN), has appointed Finance Minister Yubaraj Khatiwada as vice chairman of the IBN. PM Oli appointed the finance minister as vice chairman today under the provision of Section 3 of the Investment Board Act, reads a statement issued by IBN.

The IBN’s meeting must be chaired by the prime minister. However, the vice chairman will provide the direction on crucial issues that need to be presented during the board meetings and also help to expedite the execution of the decisions.

Earlier too, former finance ministers Ram Sharan Mahat and Gyanendra Bahadur Karki, and then industry minister Nabindra Raj Joshi had taken charge as vice chairman of IBN. IBN was established as a one-window mechanism to attract and facilitate foreign direct investment and domestic investment in 2011.

The IBN Act has authorised IBN to look into hydropower projects of 500 megawatts and above and award contracts through competitive bidding. The Investment Board Nepal has also developed a project bank and has been showcasing it to attract foreign investment for infrastructure projects in the country.