French envoy Corteval, Dr. Charles S. Yang call on PM Oli

Kathmandu, Feb. 13

French Ambassador for Nepal, Virginie Corteval, called on Prime Minister KP Sharma Oli of Nepal on Thursday.

The courtesy meeting, held at the Prime Minister's Office in Singha Durbar, was focused on bilateral relations and various mutual interests, the Prime Minister's Office informed in a statement.

The discussions were centred on enhancing ongoing cooperation between the two nations. Senior officials from the Ministry of Foreign Affairs were also present during the meeting.

Likewise, Dr. Charles S. Yang, President of the International Parliamentary Forum for Peace, paid a courtesy visit to Prime Minister Oli also on Thursday.

During the meeting at the Prime Minister's Office at the Singha Durbar, Dr. Yang extended a special invitation to Prime Minister Oli to attend the International Conference on Peace and Prosperity, scheduled to take place in South Korea from April 10 to 14, the PMO informed in a statement.

As the Chair of the Sunhak Peace Prize Foundation, Dr. Yang invited PM Oli to participate as a special guest and deliver an address at the conference, which commemorates the 50th anniversary of diplomatic relations between Nepal and Korea.

Likewise, Dr. Yang urged Prime Minister Oli to play a role in facilitating the peaceful reunification of the two Koreas.

The meeting was also attended by lawmaker Eknath Dhakal, President of the Nepal Pariwar Dal. 

 Published in The Rising Nepal daily on 14 February 2025.  

Most 'pride' projects way behind targets, register poor financial progress

Kathmandu, Feb. 12

Of the 27 national pride projects, only five have crossed the 50 per cent benchmark by the first half of the current Fiscal Year 2024/25 in financial progress from the budget earmarked.

Among them, Budhigandaki Hydroelectricity Project and Nijgadh International Airport could not spend a penny in the first six months (mid-July 2024 to mid-January 2025), revealed the half-yearly progress report of the budget of FY 2024/25 published recently by the Ministry of Finance (MoF).

These projects received Rs. 257 million and Rs. 500 million budget allocation this fiscal, respectively.

The Rail, Metrorail and Monorail Development Project has performed the worst with just 4.70 per cent financial progress in the first six months while the 'pride project' has achieved a pathetic 5 per cent progress since its launch in 2008/09.

Initially, the Rs. 70.6 billion project was projected to conclude in 21 years but the government has marked it as a project 'without any fixed conclusion date'.

The MCC Nepal, a project being implemented with the US grant support of 567 million with a fixed completion date of 2028/29, has achieved just 8.08 per cent progress so far. From the Rs. 13.36 billion budget allocated to the project for this year, only 8.32 per cent has been utilised, according to the report.

Likewise, Sunkoshi Marin Diversion Multipurpose Project has achieved only 19.37 per cent financial progress from about Rs. 3 billion budget. The project is scheduled to be completed in FY 2028/29 but in the past about one decade, its progress has reached just 34.40 per cent.

Another sick 'pride' project is Ranijamara Kulariya Irrigation Project which has achieved just 74.36 per cent overall progress. The project has a deadline of the next year but in the first half of this year, it achieved only 19.35 per cent progress. The cost of Ranijamara-Kulariya has jumped to Rs. 27.70 billion from the initial estimates of Rs. 12.37 billion.

 

Sick 'pride' projects

Project	Start Date	FY 2024/25 Budget (Rs.)	Financial Progress 2024/25 (%)	Progress (up to 2023/24) (%)
Rail, Metro and Monorail Development	2008/09	3.20 billion	4.70	5.0
MCC Nepal	2021/22	13.36 billion	8.32	8.08
Rastrapati Chure Conservation	2014/15	1.05 billion	12.61	100
Sunkoshi Marin Diversion Multipurpose	2016/17	2.99 billion	18.24	34.40
Ranijamara Kulariya Irrigation	2010/11	2.87 billion	19.35	74.36
Mealamchi Water Supply	1998/99	109.6 million	21.85	98.45

Source: National Planning Commission/Ministry of Finance

 

Likewise, Melamchi Water Supply Project and Rastrapati Chure Conservation Project have achieved 21.85 per cent and 12.61 per cent financial progress in the first six months of this year.

The MoF stated that the Sikta Irrigation Project has utilised only 26 per cent of the allocated budget. The project's cost has more than quadrupled to reach Rs. 52.89 billion from the initial estimates of Rs. 12.8 billion 20 years ago in 2004/05.

Similarly, Bheri-Babai Diversion Multipurpose Project's cost has jumped to Rs. 36.8 billion from Rs. 16.43 billion in 2011/12. It has achieved overall progress of 65.8 per cent while this year's financial achievement has remained just 26.36 per cent.

Army-led roads witness progress

According to the MoF report, good performing projects include the Lumbini Development Trust, Pashupati Area Development Trust, Postal Highway, and two north-south corridors – Koshi and Kaligandaki. The north-south corridors are being developed by the Nepali Army.

However, the Kathmandu-Tarai Expressway could not achieve the same results. It achieved only 23.59 per cent progress from the annual allocation of Rs. 22.54 billion for this year. The overall physical progress of the Expressway is just 35.38 per cent while the project should be completed within the next four years.

Of the 27 pride projects only 19 have received budget allocation this year while a few of them have been completed including Pokhara International Airport, Gautam Buddha International Airport and Upper Tamakoshi Hydroelectricity Project. No budget was earmarked for three cricket infrastructure – Mulpani Cricket Academy and Stadium, Girija Prasad Koirala Cricket Stadium and Gautam Buddha International Cricket Stadium.

Likewise, construction modality of the West Seti Hydropower Project is in the process of preparation.

 

Rs. 17 billion spent

Out of the 27 national pride projects, a total of Rs. 66.75 billion has been allocated for 19 projects in the current fiscal year, including Rs. 2.68 billion under recurrent expenditure, Rs. 63.25 billion under capital expenditure, and Rs. 755 million under financial management.

"During the review period, Rs. 1.21 billion has been spent under recurrent expenditure and Rs. 15.93 billion under capital expenditure, totalling Rs. 17.15 billion," read the report.

Accordingly, 25.70 per cent of the budget has been spent on national pride projects during the first six months of this year.

However, the report informed that in the last fiscal 2023/24, the national pride projects' overall financial progress was an impressive 89.82 per cent and physical progress stood at 57.50 per cent.

Last year, the government had allocated Rs. 60.38 billion for the pride projects, of which, Rs. 54.24 billion was utilised.

 Published in The Rising Nepal daily on 13 February 2025.  

NRN Infra Company reports three-fold increase in profits

 Kathmandu, Feb. 12

The NRN Infrastructure and Development Limited has reported more than a three-fold increase in its net profit alongside rising revenues, according to its recently published financial report.

As per the report, the company recorded a net profit of Rs. 53.7 million by the second quarter of the current Fiscal Year 2024/25, compared to Rs. 16.3 million in the same period of the previous year. During the review period, the company’s total revenue surged by 209.94 per cent, reaching Rs. 801 million.

The company’s total expenses stood at Rs. 9.87 million, up from Rs. 5.49 million last year. Meanwhile, its retained earnings amounted to Rs. 105.5 million, informed the company in a statement on Wednesday.

NRN Infrastructure and Development’s total current assets were reported at Rs. 381.4 million, while its total current liabilities stood at Rs. 14.1 million.

The company also recorded a significant improvement in earnings per share (EPS), which increased from Rs. 2.67 in the previous year’s second quarter to Rs. 8.37 during the same period this year.

Likewise, its net worth per share reached Rs. 172.10, while the price-to-earnings (P/E) ratio was recorded at 135.65 times, said the company. 

 Published in The Rising Nepal daily on 13 February 2025.  

Seven women entrepreneurs exploring business opportunities in UK

Kathmandu, Feb. 12

Seven Nepali women entrepreneurs are currently exploring business opportunities in Manchester, the United Kingdom, informed the Embassy of the United Kingdom in Kathmandu.

The participating businesswomen are Reshma Shrestha of Sunil Cashmere Pvt. Ltd., Nabina Dhakhwa Shakya of Manushi, Shova Gyawali of Federation of Woman Entrepreneurs' Associations of Nepal (FWEAN), Geeta Shrestha of Nepal Silk, Lumbina Shreshta of Alpine Pashmina House Pvt. Ltd., Sushma Shrestha of Alpine Pashmina House Pvt. Ltd. and Sapna Bajracharya Lama of Loom Story Pvt. Ltd.

Fifty women entrepreneurs currently exploring business opportunities in the UK are from 10  countries – Ghana, Kenya, Mozambique, Nigeria, Rwanda, Zimbabwe, Bangladesh, Mongolia, Nepal and Pakistan.

They are on a trade mission in Manchester.

"As part of the trade mission, British buyers looking to diversify their supply chains met women entrepreneurs working in the fresh and processed agrifood, handicrafts, textiles and apparel, handicrafts, beauty, information technology, and business process outsourcing sectors, through a series of business-to-business meetings," Greater Manchester Chamber of Commerce (GMCC) and International Trade Centre (ITC) informed in a statement on Tuesday.

The trade mission was organised by the UK Government-funded SheTrades Commonwealth+ Programme, in collaboration with the GMCC, and in partnership with the London Chamber of Commerce, Greater Birmingham Chamber of Commerce, and West and North Yorkshire Chamber of Commerce.

They said that the trade mission from February 10-12 helps strengthen the UK’s manufacturing sector by providing British companies with reliable potential suppliers and reducing production costs, directly supporting the Made in UK strategy to promote high-quality British exports and drive domestic industry growth.

The women entrepreneurs visited UK companies relevant to their sectors and attended information sessions with sector-specific associations, standards bodies and partnering chambers of commerce to bolster their knowledge of trends, the business environment and UK market entry requirements.

UK Minister for the Indo-Pacific, Catherine West, said that women entrepreneurs across the world face greater challenges to export compared to their male counterparts, with fewer connections to buyer networks and limited access to key market information.

"Our SheTrades Commonwealth+ programme aims to counter that – connecting women entrepreneurs from across Asia and Africa to British businesses, increasing choice for British consumers and supporting domestic growth. It’s a win-win," she said.

Pamela Coke-Hamilton, Executive Director of the ITC, which led the organisation of the trade mission with the GMCC and other UK-based chambers, said, "We’re laying the foundation for women entrepreneurs to meet directly with buyers, scale up their businesses and access new markets, benefiting from global trade opportunities."

 Published in The Rising Nepal daily on 13 February 2025.  

Ryan Energy gears up to offer IPO to raise Rs. 900 million

Kathmandu, Feb. 11

Ryan Energy Pvt. Ltd., an e-rickshaw assembling company, is making preparations to launch the Initial Public Offering (IPO) within a year to raise Rs. 900 million from the public with an aim to expand its investment in infrastructure for battery production and swap.

The company was established in 2022, and is operating its e-ricksha assembly plant in Sarlahi district and battery production plant in Naubise of Dhading district.

"With an aim to develop critical infrastructure for battery swap facility and achieve rapid growth, Ryan Energy is planning to go public. We aim to issue 9 million shares of Rs. 100 per unit," Deepak Rauniyar, Managing Director of the company, said at a programme organised to sign an agreement with the Global IME Capital Limited to appoint the latter as the portfolio manager.

Rauniyar of Ryan Energy and Mandeep Luitel, CEO of GIME Capital, signed the agreement.

According to the company, it will be a profitable venture with 20 per cent annual return on equity from the third year from the development of infrastructure.

It has an investment plan to mobilise Rs. 3 billion in assembly plant, battery production and swap stations.

The company has also initiated talks with the Global Climate Fund (GCF) for a concessional loan of Rs. 500 million.

It has a plan to establish 100 battery swap services in major concentrated areas for three wheelers and 30 stations for scooters. With this facility, e-rickshaw and e-scooter owners will save a significant amount of money. While the domestically assembled e-rickshaw will cost about Rs. 200,000 less compared to the imported one.

Rauniyar informed that a battery for e-rickshaw will cost about 700,000. "If a customer need not pay the price for the battery, the e-rickshaw would come at Rs. 400,000 which will be a huge relief for the buyer. It means there will be less financial burden," he said.

This massive cost reduction will be instrumental for the company in making successful moves in the market, maintained Rauniyar.

Battery swap facility will also save time needed for recharging the batteries thus making the travel fast and smooth.

Shortage of standardised e-rickshaws for Nepali topography will also be an advantage for the assembly plant. The company is planning to produce e-rickshaws that can be operated in the hills. "We need products that are efficient in the hills. Imported e-rickshaws give 100 km mileage on an average in plains 80 km in Kathmandu and only 60 km in the hills while their speed is also affected according to the topography," according to Rauniyar.

The e-rickshaw assembly plant can assemble four e-rickshaws a day.

Meanwhile, by 2027, the company also plans to expand its infrastructure services to Bangladesh. "As there is a huge demand for e-rickshaw and we can't compete in the international market in battery products, we provide the service," he said.

The company also hit the market segment of micro-trucks as well. "Microbus and micro trucks can be replaced with domestically assembled EVs and help in forex saving and reducing cost on the part of consumer as well," stated Rauniyar while adding that with a small modification, the three wheelers can replace the imported mini and micro vehicles.

Ryan Energy has received permission from the Ministry of Industry, Commerce and Supplies and Ministry of Forest and Environment in December 2021 to manufacture various types of electric vehicles (two, three, and four-wheelers).

 Published in The Rising Nepal daily on 12 February 2025.  

Cable car will preserve Pathibhara’s heritage, boost local economy

By A Staff Reporter

Kathmandu, Feb. 8

The Pathibhara Devi Darshan Cable Car Limited said on Saturday that the construction of the cable car will not disturb the surrounding environment, beauty and cultural heritage at the Pathibhara area.

“The cable car's upper station will have only basic facilities for pilgrims, such as water, toilets, and oxygen. Beyond these necessities, no additional structures will be built, ensuring that the temple complex and its surrounding environment, beauty, and cultural heritage will remain unaffected,” the company said.

According to it, the cable car's construction will provide easy access for children, the elderly, physically disabled individuals, and those unable to walk uphill or downhill, thus benefiting all pilgrims and tourists. It will not obstruct the existing walking path for those who wish to travel on foot.

Upon completion, the Rs. 3 billion project will directly create jobs for around 300 people, with priority given to about 80 per cent of locals.

“As with previous tourism infrastructure projects by the IME Group, locals will have opportunities to invest in and own shares in the venture. The cable car is expected to boost the number of visitors and play a significant role in promoting local products, such as agricultural goods and handicrafts,” chairman of the company, Chandra Prasad Dhakal said at a press conference organised in the Capital on Saturday.

According to him, this will also lead to notable growth in self-employment and businesses in sectors like hotels, restaurants and transportation, particularly in the Mechi Highway’s Jhapa and the Baraha region of the Tamor Corridor in Sunsari. Consequently, this will increase the state’s tax and revenue collection.

The press meet was organised in the wake of the series of protests organised by the local and ethnic groups in the district and Koshi Province as well as in the capital which resulted in a negotiation with the government and temporary suspension of the construction work.

In recent months, there has been some criticism claiming that the cable car could damage the historical and cultural identity of the Pathibhara Temple. Although discussions around building a cable car to the temple began four decades ago, Pathibhara Devi Darshan Cable Car Pvt. Ltd. was established in 2015, and in 2018, the project received approval from the Cabinet.

The project gained momentum around two years ago when the IME Group took a significant stake in the venture, aiming to build cable cars at tourism destinations across all seven provinces of Nepal. After obtaining all the necessary permits, the project was included under the national priority plan. Land rights were secured, and the necessary tree-cutting and environmental clearance were completed, marking the official launch of the construction this month.

“Despite the official launch, some individuals have begun to create obstacles in the project’s progress, attempting to undermine private investment and tarnish the reputations of those involved,” said Dhakal, “It is disheartening to see these attacks, which not only target private enterprises but also disrespect their contributions to society, the economy and national prosperity.”

Dhakal is also the chairman of the IME Group and Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

IME Group was involved in the Pathibhara Cable Car just two years ago. “Discussions about building a cable car at this sacred site began four decades ago, and the company was officially established in 2018 to move the project forward. Therefore, the debate on whether to build the cable car now is not helpful,” said Dhakal.

He said that they had hold numerous discussions with local representatives, political leaders, businesses, and other stakeholders, addressing concerns and adapting the project as needed.

“After completing all legal and regulatory processes, it is disheartening that efforts to block the project persist. This undermines private sector initiatives aimed at attracting investment, creating jobs and fostering tourism,” Dhakal said.

According to him, it is painful to see local people leave in search of work abroad while, at the same time, opportunities within their communities are being disputed.

The cable car will span a distance of 2.75 kilometers from the base station in Phungling Municipality-11, near Kaflepati, to the Pathibhara Temple complex, about 700 meters west of the temple. It will feature 36-passenger gondolas and two cargo gondolas. After completion, the cable car will take just 10.31 minutes to reach the upper station from the base station.

Stating that due to the remote location, high altitude, and steep paths, accessing the temple is extremely difficult for pilgrims, especially for children, the elderly, the sick and those with disabilities, the developer company said that the cable car will make the pilgrimage easy and economical.

 Published in The Rising Nepal daily on 9 February 2025.  

Draft of National AI Policy proposes AI Centre of Excellence

Kathmandu, Feb. 6

The government has finalised the draft of National Artificial Intelligence (AI) Policy, 2081 with multiple layers of organisational structures to govern and regulate the sector, and to ensure quality development.

The draft of the policy made public by the Ministry of Communication and Information Technology (MoCIT) this week has proposed to establish an AI Centre of Excellence at the universities at the federal and provincial levels to facilitate the study, research and development of AI.

The policy was drafted within the period recommended by the concept paper on 'Use and Practice of Artificial Intelligence in Nepal' prepared by the MoCIT in August 2024.

The note had recommended drafting a national policy on AI within six months, a national strategy within one year and a separate law within two years.

While neighbouring countries such as India, China, and Bangladesh, along with 69 other nations worldwide, have formulated strategies and laws regarding artificial intelligence, Nepal lacks such a framework, noted the concept note.

According to the policy draft, the establishment of the Centre of Excellence is proposed to conduct cutting-edge research and development in AI technology, to conduct training and workshops to develop AI-related skills for students and researchers and to manage data used in AI research and development, prioritising data privacy, ethics and transparency.

Likewise, such centres are expected to provide necessary suggestions and recommendations for policy formulation, ensure quality and safety in the use of AI technology, enhance the capacity of local researchers and institutions, utilise AI technology in health, education, agriculture and other social sectors, and collaborate with national and international research institutions.

Formation of Regulation Council

To regulate the sector, a regulation council will be formed while the proposed National AI Centre will serve as the secretariat of the council.

The Council with at least 15 members will be chaired by the Minister for Communication and Information Technology and will include the governor of the Nepal Rastra Bank, secretaries of the Prime Minister's Office, the MoCIT, the Ministry of Finance, National Planning Commission, the Ministry of Industry, Commerce and Supplies and the Ministry of Education, Science and Technology, CEO of E-Governance Board, Chairperson of Nepal Telecommunication Authority, representatives from the private sector associations and experts. The Chief of the National AI Centre, an agency under the MoCIT, will be the member secretary.

Earlier, in August 2024, the concept paper on the "Use and Practice of Artificial Intelligence in Nepal" suggested establishing a designated focal body for AI within a year.

"It appears necessary to establish a dedicated body for AI-driven economic transformation, policy and legal management, and planning. This body should also include a working group comprising relevant stakeholders and experts," recommended the concept paper.

Meanwhile, Minister for Communication and Information Technology, Prithvi Subba Gurung had expressed his commitment to refine the policy through the suggestions from the stakeholders in the sector so that it would be a foundation for the sustainable development in AI in Nepal.

Through the policy draft, the government has vowed to make necessary legal arrangements to implement it.

"This policy will serve as a guideline for the provincial and local levels. They will be able to carry out policy adaptation and customisation after assessing their region's geographical, economic, social, cultural and managerial situation," read the draft.

In addition to the regular budget and human resources of the relevant ministries and agencies for the implementation of this policy, additional budget and human resources will be ensured as required.

The policy has accorded priority to legal and institutional arrangement to build a safe and sustainable AI ecosystem and infrastructure development and data management for AI development and use.

It also highlights the promotion of study, research, innovation and entrepreneurship in the field of AI, and creation of human resource and organisation of capacity building and creation of continuous utility environment.

"The use of AI technology will be promoted to enhance sectoral development, improve the quality of public services and increase overall productivity. Coordination and collaboration will be carried out at the national and international levels for the development and safe use of AI," read the document.

The draft of the policy has identified lack of access to infrastructure for the general public, knowledge and skills related to AI, and lack of awareness and understanding about the potential benefits and risks of AI amongst the general public as the problems in the development of this sector.

It has also noted that AI’s use is being limited to certain groups leading to inequality while it has also contributed to increased unemployment and widening the skills gap. Likewise, lack of trust in AI systems due to potential biases and lack of transparency, and concerns about the potential misuse of AI for surveillance and manipulation are also listed as other problems.

According to it, ensuring ethical development and use of AI, managing high costs, resources and infrastructure required for its development are the challenges to the country.

Other challenges include ensuring adequate collaboration and coordination between different sectors in AI research, development and application, protecting trademarks, patents, and intellectual property related to AI and preventing infringement or misuse, and producing a sufficient number of skilled professionals for the contemporary use and development of AI.

 Published in The Rising Nepal daily on 7 February 2025.