Saturday, November 30, 2024

IBN grants approval to hydropower projects

 Kathmandu, Nov. 28

The Investment Board Nepal (IBN) has approved investments for several hydroelectricity projects, including the Budhigandaki HEP.

The 60th meeting of the Board chaired by Prime Minister KP Sharma Oli at Singha Durbar on Thursday sanctioned a funding of Rs. 70 billion for the 341 MW Budhigandaki HEP, Rs. 23.59 billion for the 106 MW Jagdulla Semi-Reservoir HEP, and Rs. 47.54 billion for the 210 MW Chainpur Seti HEP.

Additionally, the IBN extended the deadlines for the 327 MW Upper Marsyangdi HEP and Samrat Cement Company Pvt. Ltd., the Board informed in a statement.

Likewise, the capacity of the West Seti Hydropower Project has been increased from 750 MW to 800 MW, and an amendment has been approved for its four-cornered designated area permit. Similarly, decisions were made to modify the share structure and agreement documents of the Upper Karnali Hydropower Project.

Prime Minister Oli urged relevant authorities to work in a coordinated manner to foster a conducive environment for investment and accelerate the nation's journey toward prosperity. He emphasised the need to utilise existing laws and policies effectively for development and progress.

Speaking at the meeting, Sushil Gyawali, Chief Executive Officer of the Board, provided updates on the draft strategic and business plan being prepared based on the board's earlier decision from October 8. According to him, discussions with stakeholders are ongoing.

Published in The Rising Nepal daily on 29 November 2024.  

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