Kathmandu, Sept. 8
Prime Minister Pushpa Kamal Dahal
‘Prachanda’ has said that the government is committed to policy improvement in
terms of Foreign Direct Investment (FDI) and to effective handholding of the
projects that are in the various stages of development, particularly in the Public
Private Partnership (PPP) model.
"I have directed all
government instrumentalities to provide prompt responses to the developers. We
must show our continued commitment to action," he said while addressing a
programme organised by the Investment Board Nepal (IBN) to mark its 12th
anniversary on Friday.
"If there are any grievances
of the developers, I have asked the chief executive officer of the IBN to
report to me and provide information. I will intervene," added the PM.
According to him, the government
is seriously thinking of the IBN as a fast-track agency with the required skill
set and human resources, and it wants the IBN to be strengthened in terms of
resources, capacities, and service delivery to valued investors.
Appreciating the role of the development
partners and multilateral banks, PM Prachanda urged them to work with the IBN
to develop the PPP sector in Nepal for increased private sector participation
in nation-building.
After listening to the
testimonials of the developers of the large infrastructure projects in Nepal,
PM Prachanda expressed his happiness over the performance of the Board and said
that it has made some remarkable achievements despite limited human and technical
resources.
"The establishment of such a
high-powered agency 12 years back in 2011 is a testament to Nepal’s commitment
to efficient facilitation of large-scale investments. It is an earnest effort
laid by the government to attract foreign and domestic private investments in
infrastructure projects," stated PM Prachanda.
While the country is drafting the
16th periodic plan, the government of Nepal firmly believes that
resource mobilisation from the private sector-- domestic and foreign-- is crucial
for national development, he maintained. PM Prachanda also said that the
country wanted to develop some transformative projects through new forms of
PPP.
A new investment summit
Finance Minister and
Vice-chairperson of the IBN, Dr. Prakash Sharan Mahat, said that the IBN was
set to organise a new edition of investment summit in this Fiscal Year 2023/24.
Stating that the recent agreement
with India to export 10,000 Megawatt of electricity has boosted the confidence
of investors in Nepal, he said that he was hopeful for the same kind of
cooperation with China in future.
FM Dr. Mahat said that Nepal
should attract FDI in Information Technology and tourism.
IBN approves Rs. 1.25 trillion
investment
In the past 12 years, the IBN has
approved investment of Rs. 1.25 trillion in 42 projects – 28 from the energy
sector and 14 other sectors.
Sushil Bhatta, CEO of the IBN,
said that the IBN has been effectively handholding around 4,000 MW of clean
energy projects that are already aligned with a result-based framework for
timely implementation.
Among the projects to be
implemented is 669 MW Lower Arun, 750 MW West Seti, 450 MW SR-6, and 327 MW Upper
Marsyangdi-2 Hydropower projects.
Likewise, following PDA signing
of Lower Arun HEP, preparations have been arranged for its construction. The
IBN has acknowledged the Detailed Feasibility Study Report (DFSR) for the
development of 250 MW solar energy project, and granted a study permit to
another project for preparing DFSR of 245 MW solar energy project in Dang
district.
Other projects facilitated by the
IBN are Hongshi Shivam (6000 tons per day capacity) and Huaxin Cement Narayani (3,000
TPD capacity), and Arun III with 900 MW installed capacity is in advanced stage
of construction with substantial progress in generation and transmission side.
Additionally, the 900 MW Upper Karnali hydroelectric project has reached the
financial closure stage, informed CEO Bhatta.
However, to make the IBN
secretariat more efficient, it should be further strengthened with more human
and other resources, he said.
Radhesh Pant, Founding CEO of the
IBN, said that the Board was established to promote Nepal as an investment
destination, establish it as a PPP centre of excellence and provide one-door
service to the investors.
Published in The Rising Nepal daily on 8 September 2023.
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