Kathmandu, Feb. 18
The
Non Resident Nepalese Association (NRNA) has started the process of NRN
Development Fund's registration.
President
of the association Kumar Pant, its founder president Dr. Upendra Mahato, former
president and patron Jiba Lamichhane, vice president duo Dr. Badri KC and Sonam
Lama and other officials signed the management letter and documents for company
registration of the fund that aims to bring in at least Rs. 10 billion foreign
investment into Nepal.
According
to the NRNA, it has received the pledges for about Rs. 1.5 billion so far.
Speaking
at the signing programme on Thursday Dr. Mahato said that the fund was a long
cherished dream of the NRNA which was being materialised now. "It has motivated
and encouraged the NRNs to invest in Nepal. Nepalis from around the world can
contribute to the development and prosperity of their motherland," he
said.
Lamichhane
said that it would encourage small investors. This is the first time that the
country is receiving a development fund of Rs. 10 billion.
President
Pant said that 85 per cent investment in the fund would be made by Nepalis from
around the world. They can invest any amount equal to or higher than US$10. The
government had pledged to contribute Rs. 500 million to the fund and the
promoters would invest Rs. 1 billion, 10 per cent.
Published in The Rising Nepal daily on 19 February 2021.
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