The NRN Nepal Development Fund has been established in Nepal with a capital of Rs 10 billion to invest in infrastructure development, productive and other sectors.

According to a press conference organised by the Ministry of Finance and the Non-Resident Nepali Association on Monday, NRN Nepal Development Fund will have a share investment of Rs 9.50 billion from non-resident Nepalis and Rs 500 million from the government of Nepal.

At the press conference, Finance Minister Bishnu Prasad Paudel said that Nepal is an investment-friendly country in all aspects. He also urged the non-resident Nepalis to play the role of investment ambassadors.

"The government is committed to attracting foreign capital legally and politically," the minister said thanking all those who helped in setting up the NRN Nepal Development Fund and expressed the view that there are plenty of challenges ahead though.

Amid this, Governor of Nepal Rastra Bank, Maha Prasad Adhikari said that the fund, which has been set up in public-private partnership modality, has raised more hopes, adding that there are opportunities for investment in many sectors in Nepal.

President of NRNA, Kumar Panta, said the amount to be invested in the fund will reach over Rs 50 billion in a few years.

The NRNA has also committed to bring capital, corporate culture, good governance, newer technology into the country.

The main objective of the fund is to invest in Nepal's enterprise, business, transportation, infrastructure and other sectors. NRNA has stated there is a plan to issue IPO targeting non-resident Nepalis soon.

A version of this article appears in the print on April 21, 2021, of The Himalayan Times.