IBN approves foreign investment wort Rs 97 bn

Kathmandu: The Investment Board Nepal (IBN) has approved foreign investment of Rs 97 billion for two hydropower projects. The decision was taken at the 47th meeting of the Board chaired by Prime Minister and Chairman of the Investment Board Nepal.

According to the Board’s Executive Director Sushil Bhatta, investment has been approved for the Upper Tamor Hydropower Project (285 MW) estimated to cost USD 440 million and the Lower Manang Marshyangdi Hydropower Project (139.2 MW) estimated to cost Rs 33.41 billion US dollars.

Similarly, the detailed project report of the country’s largest Nepal-China friendly industrial park has also been approved. The meeting also directed the office of the Board of Investment to make necessary preparations for the project development agreement with the developer of the project.

Similarly, the meeting also approved the draft memorandum of understanding with the project developer to issue survey permit for the detailed feasibility study of the Lower Arun Hydropower Project (679 MW) to be constructed in Sankhuwasabha.

The meeting directed the Ministry of Energy, Water Resources and Irrigation to make necessary legal reforms to address the ambiguity in granting survey permission for the Tamor Reservoir Hydropower Project (756 MW). A committee has been formed under the coordination of the Vice-Chairman of the National Planning Commission.

The meeting also directed the board to take forward the process of providing compensation for the land under the Arun 3 Hydropower Project access road.

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