IBN completes pre-qualification assessment of Rs 1.18 trillion worth of projects
Kathmandu, January 3
The Investment Board Nepal (IBN) has completed the pre-qualification process of 14 projects worth Rs 1.18 trillion that investors showed interest in at the Investment Summit held in March last year.
Among the projects whose pre-qualification process has been completed, IBN has already selected the company to conduct the detailed feasibility study (DFS) of the 756-megawatt Tamor Hydropower Project. Similarly, IBN has also inked the initial investment agreement with Korean company Motrex to set up a vehicle manufacturing and assembly plant project worth Rs 10.54 billion.
Of the 77 projects that the government had showcased at the country’s flagship Nepal Investment Summit held in March, investors had submitted expression of interest (EoI) for 31 different projects amounting to more than $25.3 billion. IBN today had organised a press conference to highlight the progress made in these projects.
Addressing the press conference, IBN’s Chief Executive Officer Maha Prasad Adhikari informed that the board is continuously inking pacts with investors who had expressed their interest in projects showcased at the investment summit.
IBN has also inked an agreement with a foreign firm to develop the Rs 64.6 billion worth Nepal-China Friendship Park Project in Province 1. Similarly, IBN has also inked an agreement with two separate companies to conduct the DFS for developing the Rs 13 billion worth Multi-Model Logistic Parks in Biratnagar, Birgunj and Bhairahawa.
“IBN today is in the phase of implementing nine different projects worth Rs 565 billion. Of this, development of Arun-III hydroelectric project is ongoing, while Hongshi Cement will soon start the second phase of production,” informed Adhikari.
On the occasion, IBN officials hinted that the board has been facing hassles in approving projects in a timely manner following a few difficult legal processes, which the board expects the government will address in the near future.