Nepal | July 02, 2020

IBN plans to sign MoUs with foreign investors

The board is preparing to pen agreements for three projects worth over Rs 200 billion

Himalayan News Service
Share Now:

Kathmandu, July 11

The Investment Board Nepal (IBN) is preparing to sign memorandums of understanding (MoUs) with foreign firms for three different projects worth more than Rs 200 billion.

Though IBN is reluctant to disclose the names of the foreign firms with which it plans to sign the MoUs, it said that the memorandums will soon be inked for the development of Logistic Park (Dry Port) in Bhairahawa and Birgunj, 550-megawatt Solar Power Project covering all provinces and the World Buddhist Park project in Lumbini.

IBN had received multiple proposals for the development of these projects at the Nepal Investment Summit held in March. “We are currently working on the draft of the MoUs to be signed with competitive firms for these projects. We will soon finalise the drafts and reach an agreement,” informed Maha Prasad Adhikari, chief executive officer of IBN.

Along with these three projects, Adhikari informed that the board has also shortlisted competitive proposals received for various other projects and these proposals will be tabled at the IBN meeting soon. “We have been ignoring proposals that have not met the set criteria, while we are also in constant dialogue with firms whose proposals are competitive,” he informed.

Of the 77 projects that the government had showcased at the country’s flagship Nepal Investment Summit in March, investors had submitted expression of interest (EoI) for different projects amounting to almost $30 billion.

Among others, investors had expressed keen interest in projects related to transport infrastructure, as IBN had received 22 EoIs for nine transport infrastructure projects. These projects include Nijgadh International Airport (six EoIs), Outer Ring Road (four EoIs), Ring Road of Kathmandu (four EoIs), Kathmandu Valley Metro Rail, East-West Electrified Rail, Kathmandu-Pokhara-Lumbini Railways, Kathmandu Sky Train, Samakhusi-Tokha-Chhahare Road (two EoIs) and Dhangadhi Regional International Airport (two EoIs).

Similarly, IBN had also received seven EoIs for five agriculture infrastructure projects, namely Integrated Agri Projects in Urlabari, Hemja, Banepa, Biratnagar and Tillottama.

While IBN has received eight EoIs for seven energy infrastructure projects, it has received five EoIs for four projects related to urban infrastructure. Likewise, the government has received EoIs for tourism, industry, health and education infrastructure projects.

Adhikari mentioned that separate dedicated committees are in regular consultations with foreign firms with competitive proposals for different projects. “Materialising investors’ interest towards different projects in Nepal is a gradual process and we are optimistic that we will be able to turn into reality a majority of EoIs for different projects,” he added.


A version of this article appears in print on July 12, 2019 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

US coronavirus cases rise by 47,000, biggest one-day spike of pandemic

WASHINGTON: New US COVID-19 cases rose by more than 47,000 on Tuesday according to a Reuters tally, the biggest one-day spike since the start of the pandemic, as the government's top infectious disease expert warned that number could soon double. California, Texas and Arizona have emerged as Read More...

Nepse witnesses bull run with 6pc surge to close at 1,260.75

KATHMANDU, JUNE 30 The Nepal Stock Exchange surged by 6.06 per cent (72.05 points) to land at 1,260.75 points today that market analysts say is the result of the government softening its stance on black money being invested in the secondary market. “The government’s move aims to soften the Read More...

35 per cent paddy plantation completed in Banke, 55 per cent in Bardiya

NEPALGUNJ, JUNE 30 Most of the farmers generally start paddy plantation from June-end, but this year nearly 35 per cent paddy plantation has been completed in Banke and 55 per cent in Bardiya. “Around this time last year, farmers had completed only 15 per cent and 40 per cent paddy plantatio Read More...

Would 'pool testing' as a Covid-19 screening approach make sense in Nepal?

KATHMANDU: US leadership is considering a new approach -- pool testing -- to efficiently include a large number of people for Covid-19 screening in the country. The new approach is also known as batch testing in which swab samples are tested in batches instead of running them one by one. The t Read More...


Residents of village beyond Mechi River left in lurch

JHAPA, JUNE 30 With the onset of monsoon, locals of Dolobasti village located beyond the Mechi River have been left in a lurch due to lack of bridge over the river in Jhapa. Dolobasti, home to 300 families in Ward 3 of Bhadrapur Municipality is located beyond the Mechi River. Indigenous peo Read More...

PM Oli attends health ministry's high-level ICS meet

KATHMANDU: Prime Minister KP Sharma Oli has attended the health ministry's high-level incident command system (ICS) meeting at his official residence in Baluwatar today. According to Minister for Health and Population, Bhanubhakta Dhakal, the ICS meetings that are being held on Sundays and Wednes Read More...

Investable resources get frozen in banks amid low credit demand

KATHMANDU, JUNE 30 Owing to the months-long lockdown which has discouraged the demand for credit, the investable budget with banks is not only increasing but also getting frozen. While banks are witnessing a rise in deposits, their credit flow has come down drastically. As a result, a huge Read More...

More than 1,500 Nepalis repatriated

KATHMANDU, JUNE 30 Over 1,500 Nepalis were brought home today via eight repatriation flights. According to Tribhuvan International Airport (TIA), a total of 1,519 Nepalis were evacuated along with 11 dead bodies from five countries. Among the total flights, Nepal Airlines Corporation (NAC) Read More...