Kathmandu, June 2

Prime Minister Pushpa Kamal Dahal has emphasised on the need to strengthen the institutional capacity of Investment Board Nepal (IBN) as it is the focal agency for country’s development and higher economic growth.

The prime minister was speaking during the 26th board meeting of IBN on Thursday, as per a media release. The meeting has set up separate committees under IBN vice chairman and comprising IBN chief executive officer and other officials for formulation of IBN’s standard operating procedure and five-year action plan.

The meeting has also decided to permit IBN to allow Vetas Wind System A/S, Denmark through India subsidiary to conduct feasibility study on Nepal’s wind energy with a pre-condition that the report would be submitted at IBN after conducting the study. “Only Nepal government/IBN would be able to use the proposal for project development,” the release reads.

The board also sought recommendations on extension of deadline for financial management, among other issues, of Upper Karnali and Arun III hydropower projects in the next board meeting.

Moreover, the board also extended the earlier deadline given to the committee set up under a member of National Planning Commission to study the proposed metro and monorail in the Kathmandu Valley by three months.

The 26th IBN board meeting held under the convenorship of Prime Minister Dahal has also decided to forward the project development agreements signed till date related to Kathmandu Waste Management project to the concerned local level bodies through Ministry of Federal Affairs and Local Development.