Investment Board okays FDI worth Rs 185 billion

Kathmandu, June 20

The Investment Board Nepal (IBN) has approved foreign direct investment worth Rs 185.43 billion for seven different projects that are in the pipeline.

The 44th meeting of the IBN on Friday, which was led by Prime Minister KP Sharma Oli, who is also the chief of the board, gave the green signal to five hydropower projects and two cement manufacturing companies.

One of the projects that received government’s permission for FDI includes the Upper Marshyangdi Hydropower-2 Project with installed capacity of 357 megawatts that will be built at an estimated cost of Rs 78.65 billion.

Similarly, the IBN meeting also gave a go-ahead to Kaligandaki Gorge Hydropower Project (164 MW) which will have investment of Rs 28.60 billion and Isuwa Khola Hydroelectric Project (97.2 MW) with investment of Rs 13.57 billion. Myagdi Khola Hydropower Project (57.3 MW) and Ankhu Khola Hydropower Project (42.9 MW) have also been approved which will have investments worth Rs 10.31 billion and Rs 6.30 billion, respectively.

The meeting has also accepted FDI proposal of Dang Cement Industry and Samrat Cement Industry to instal their production plants with investment of Rs 32.50 billion and Rs 15.05 billion, respectively.

The IBN meeting also gave the go-ahead to Risen Energy Singapore Joint Venture PTE Ltd to conduct a survey on two solar power projects with capacity of 125 MW each which are planned to be installed in Kohalpur of Bake district and Banganga of Kapilvastu district. Both these storage projects have proposed to store 20 MW of power as backup.

Citing the ongoing threat of the global pandemic, the IBN meeting also extended the deadline to submit the detailed project reports of projects like China-Nepal Friendship Industrial Park, Muktinath Cable Car, Multimodal Logistics Part and Private Freight Terminal, and Bulk Handling Facilities.

During the meeting, PM Oli directed IBN officials to facilitate projects that need support. The meeting also held discussions on the work being done for the promotion and facilitation of various projects and ways to overcome problems that the projects have encountered.

A version of this article appears in e-paper on June 21, 2020, of The Himalayan Times.