IBN approved Rs. 179 billion investment in 8 months

Kathmandu, Mar. 10

The Investment Board of Nepal (IBN) has approved the investment of about Rs. 179.6 billion in the last eight months of the since the beginning of the current fiscal year 2021/22. It has approved the investment of Rs. 1 trillion so far.

The projects approved by the board include Upper Tamor Hydropower, Manang Marsyangdi Hydropower, Jum Khola Hydropower, capital increment of Arun III Hydropower, and capacity increment of Dabur Nepal. Of the approved projects, Upper Tamor is the largest programme in terms of investment – Rs. 62.2 billion, followed by Arun II Rs. 62.2 billion and Manang Marsyangdi Rs. 33.4 billion.

Likewise, the investment size of Jum Khola is Rs. 10.5 billion, and Dabur Nepal is Rs. 9.6 billion.

According to a report the investment facilitation body presented to Finance Minister Janardan Sharma, IBN facilitated two projects – Hongshi Shivam Cement and Waste to Energy Project in Dharan – are in operation.

The 900 MW Arun II, and 216 MW Upper Trishuli 1 Hydropower Project, and Huaxin Cement Narayani Project are under construction. They are Rs. 144 billion, Rs. 73.15 billion and Rs. 14.8 billion projects respectively. Huaxin Narayani has started test production from its plant in Dhading district.

Likewise, 900 MW Upper Karnali Hydroelectricity Project of Rs. 116 billion has got extension for study time.

According to the IBN, five projects are approved and in different states of implementation. They include Upper Marsyandi Hydropower, China-Nepal Friendship Industrial Park, Vehicle Manufacturing and Assembling Plant, Dang Cement Project and Samrat Cement. Combined investment of these projects will cross Rs. 200 billion.

Similarly, West Seti Hydropwer, Nijgadh International Airport Project and Kathmandu Outer Ring Road Project are under procurement. Tamor Hydropower, Lower Arun Hydropower and Solar Power Project are under study. About a dozen other projects are under evaluation and preparation.

Meanwhile, Finance Minister Sharma directed the IBN to invest in a large-scale project by raising the capital on its own.

"The board should not wait for the investors to develop the projects. It should concentrate on developing projects on its own. The government is ready to support in such initiative," he said in a meeting organised at the IBN the other day.

He expressed dissatisfaction over the failure to implement of the one-door service centre to the foreign investments.

Chief Executive Officer of the IBN, Sushil Bhatta said that a policy decision was needed to manage space to develop large manufacturing industries. 

Published in The Rising Nepal daily on 11 March 2022.