Kathmandu, August 16

The Nepali Army today unveiled Welfare Fund deposits worth Rs 33.60 billion, which was mainly collected from levy on its personnel’s earnings in the UN peace keeping missions.

Till mid-July 2015, a total of Rs 30.35 billion was accumulated in the fund.

The increment in the fund is a result of interests from its deposits in various commercial banks as well as profits from investments in a number of welfare schemes, according to Brigadier General Gaurab Tandul, director of NA’s Welfare Planning Directorate.

The national force, however, has been barred from running profit-making ventures as per the existing law, Tandul said during a press conference at the army headquarters today.

Despite the legal barrier, the NA is interested in investing in infrastructure and hydro power projects by revising the existing laws, he said.

The NA is studying possibility of investment in some small-scale hydro power projects, including Manang Hydro Power Project.

NA takes 22 per cent of its soldiers’ earnings who serve in the United Nations peacekeeping missions around the globe.

According to a data unveiled by the Welfare Fund, as much as 99 per cent of its deposits have been kept in class “A” banks, while rest one per cent has been deposited in development banks and finance companies.

According to him, Rs 4.4 billion of the Welfare Fund had been invested in various welfare schemes, mainly targeted at serving and retired NA personnel, and their dependents.