Kathmandu, February 12

The meeting of the Investment Promotion Board (IPB) today approved Rs 20 billion investment proposal of Hydro China Corporation.

The Chinese hydropower developer had earlier submitted a proposal to the government seeking permission to invest in a 102-megawatt hydropower project in Gosaikunda, Rasuwa.

Shankar Aryal, member secretary of IPB, informed that the proposal of Hydro China Corporation was approved after finding the company’s planned project in Rasuwa feasible.

The IPB meeting chaired by Industry Minister Sunil Bahadur Thapa also decided to formulate standards for domestic cement industry. Citing that Nepal is marching towards becoming self-sustained in cement and the domestic cement industry has been growing rapidly, IPB concluded the need to formulate common legal standards to regulate country’s cement industry.

With this conclusion, the IPB meeting also decided to form a task force to study and prepare the draft of standards to regulate cement industry in the country as soon as possible.

The IPB meeting also decided to implement the government’s plan to begin one-window policy for investors as soon as possible.

Meanwhile, the IPB meeting also gave one-year ultimatum to brick kilns located in districts like Kanchanpur and Kailali that have been producing fly ash bricks to switch to production of common burnt clay bricks citing that pollution level among brick kilns producing fly ash bricks is comparatively higher.