KATHMANDU, JUNE 6
The 51st meeting of the Investment Board Nepal (IBN) was held here today under the chairmanship of Prime Minister and IBN Chairman Sher Bahadur Deuba.
The meeting held at the Office of the Prime Minister and Council of Ministers has approved an investment worth Rs 25.92 billion for the construction and development of two hydropower projects - Tamakoshi V in Dolakha district with installed capacity of 99.8 MW that is projected to cost Rs 16.45 billion and the 40 MW Rahughat hydropower project in Myagdi district costing Rs 9.47 billion.
The meeting also decided to implement as per necessity the recommendations made in the report by study committee formed for the purpose of preparing the development and investment blueprint of West Seti and Seti River-6 joint hydropower project. In this regard, the meeting has decided to present the proposal of NHPC Ltd, Government of India Enterprise to implement the project through negotiations.
The meeting also decided to forward the proposal made by the GMR-Upper Karnali Hydropower Company Ltd, the devel-oper of 900 MW Upper Karnali Hydropower Project, to extend the term with the condition of concluding financial closure within 24 months to the Cabinet.
Likewise, the meeting also decided to initiate the process for discussion on Vehicle Manufacturing and Assembly Plant project with Motrex Co Ltd - the project proposer.
Meanwhile PM Deuba emphasised on the development of reservoir-based projects in the hydropower sector and directed to adopt environment friendly technologies in line with the international commitments made by Nepal while developing and operating projects.
Similarly, Chief Executive Officer of IBN Sushil Bhatta highlighted the progress in project development, investment facilitation and other activities undertaken by the IBN during the meeting.
Minister of Finance and Vice-Chairman of IBN Janardan Sharma 'Prabhakar', Minister of Energy, Water Resources and Irrigation Pampha Bhusal, Minister of Industry, Commerce and Supplies Dilendra Prasad Badu, Minister of Forest and Environment Ram Sahay Prasad Yadav, and other high-ranking government officials, among others, were also present in the meeting.
