The fund, which will be
established as per the provisions of the Company Act, 2006, is expected to
mobilize about Rs. 500 billion to invest in various industrial infrastructures.
“The main objective of the IDF
is to expedite the industrial process in the country through the development of
infrastructure, like energy, transportation and industrial zones, capacity
enhancement of industrial zones, promotion of entrepreneurship and technology
transfer,” said Minister for Industry Nabindra Raj Joshi while speaking at a press
meet at the Singha Durbar on Thursday.
According to him, unlike other
government established companies, the IDF will be run by the private sector
management and function as a commercial company. It will have only 4 per cent
government equity.
The government has reduced its
role to only as a facilitator.
The NRNs and Nepalese private
sector have pledged Rs. 1 billion each to the fund while the government expects
to raise Rs. 1 billion from joint ventures and about Rs. 2 billion from the
public.
“Private sector has expressed
its commitment to contribute to the fund after assessing the projects while the
joint venture companies are ready to invest,” said Joshi.
The Ministry is sending the
working procedures required for operating the fund to the cabinet in a couple
of days, and committee and task force will also be formed soon.
As per the statement issued by
the MoI, the fund will promote industrial development, entrepreneurship and
create employment, create investment-friendly environment, support in sustainable
economic growth and mobilize investment required for the industrial
development.
Tilganga gets Rs. 100m
Meanwhile, the government has
allocated Rs 100 million for the capacity enhancement of the intraocular lens
manufacturing facility at the Tilganga Institute of Opthalmology (TIO).
Although the MoI had asked Rs.
150 million for the same, Finance Minister Krishna Bahadur Mahara has allotted
Rs. 100 million in grant in his budget for the next fiscal year 2017/18.
With the financial support, the
TIO will produce additional 125,000 lenses, which will raise the annual
capacity of the plant to 625,000, said Dr. Sanduk Ruit, founder and executive
director of Nepal Eye Programme (NEP).
The NEP is a not-for-profit,
community based non-government organisation which was launched in 1992 to
support the prevention and control of blindness in Nepal and the region. The TIO is
the implementation body of the NEP.
Currently Tilganga is producing
500,000 pieces of lenses a year, and 50 per cent of it is being exported to as
much as 50 countries.
However, with the government
support, the TIO plans to enhance the capacity to 1.5 million lenses per year
which needs additional Rs. 800 million.
“We will gradually enhance the
capacity of the plant. The intraocular lens produced by the TIO is the only
product from Nepal
that has CE mark and ISO certification. Therefore, it has a huge export
potential in many countries, including the European Union member states,” said
Dr. Ruit.
A lens is exported at 16 US
dollars while the same lens is available at less than Rs. 200 in Nepal .
A Memorandum of Understanding
(MoU) was signed between the MoI and TIO to facilitate the largest eye hospital
in the country to have support from the government to develop the manufacturing
at industrial level.
As per the MoU, the Ministry
would support the TIO in production of raw materials needed for the intraocular
lenses, installation of modern production plant, and promote the lenses in the
international markets.
Similarly, the Ministry has
decided to collaborate with the National Invention Centre of Dr. Mahabir Pun.
Minister Joshi said that the MoI
would also promote the use of electric vehicle produced by the Centre.
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