IBN shortlists best projects

Kathmandu, July 23

The Investment Board of Nepal (IBN) is set to announce the companies that would invest in the large infrastructure projects showcased at the Nepal Investment Summit in April this year, within a week.

It has completed the short-listing of the best investment proposals in the projects showcased at the summit. A committee comprising of technical team from the IBN and representatives from the concerned ministries has recently concluded the screening of the applications.

Of the 50 government projects presented at the summit, investors have applied for 31 projects. The IBN has received the investment commitment of Rs. 3.1 trillion in those projects from the investors of about 21 countries around the globe. The amount is equal to 91 per cent of the country’s Gross Domestic Product in the last fiscal year 2018/19.

“We have received 71 applications for the 31 projects. Some projects have received multiple investment applications with a couple of them having up to seven proposals,” said Balram Rijyal, spokesperson of the IBN.

The projects were screened on the basis of the financial capability of the applicant company and their past experience. The selected companies will be asked to prepare the detailed development proposal, including the Detailed Project Report (DPR) and feasibility study.

As some of the projects are not ready, we need to conduct feasibility studies, said Rijyal.

The IBN has recently approved the investment in three private sector projects – Freight Station Bulk Handling Terminal in Butwal and Birgunj, World Buddhist Exhibition Park in Lumbini and 550 MW solar projects in seven provinces.

Indian-Nepali joint venture, Chinese and Pilipino companies are investing in those projects respectively. Other seven private sector projects are under discussion at the board. About 27 private sector projects were showcased at the summit.

The public projects included infrastructure like transportation, urban development, energy, tourism, education and health, manufacturing, aviation and logistics projects.

The Kathmandu-Pokhara-Lumbini Electrified Railways project is the largest project proposed by the government which costs about 3.35 billion US dollars. Other mega projects are Kathmandu Metro Project, East-West Electrified Railways and Nijgadh International Airport with 3 billion Dollars each.

However, there are medium-size project as well like 3.14 million Dollars Integrated Agri Infrastructure Project in Godawari, Attaria, 4.3 million dollars Solid Waste Mangement Project in Dhulikhel and 4.43 million Dollars Integrated Agri Infrastructure Project in Banepa and Chitwan.

Following the investment summit, the government had set April 20 as the deadline for investors to apply for their choice of project among the 77 ventures showcased at the mega convergence. The date was later extended to March 20.

Published in The Rising Nepal daily on 24 July 2019.