Investment Board Nepal (IBN) has given the green light to proposed investments totaling Rs99.18 billion for four significant energy projects, following a board meeting chaired by Prime Minister Pushpa Kamal Dahal.
During the meeting, held on Thursday, estimated investments were approved as follows: Rs34.59 billion for the 166 megawatt Super Tamor Hydroelectric Project in Taplejung; Rs10.08 billion for the 42MW Upper Modi-A Hydroelectric Project in Kaski; Rs21.10 billion for the 250MW solar energy project located in Kohalpur and Banganga; and Rs33.41 billion for the 139.2MW Lower Manang Marsyangdi Hydroelectric Project, as per an IBN statement.
Notably, the 250MW solar energy project and the Lower Manang Marsyangdi project are receiving funding from foreign investors.
Additionally, a task force, led by a joint secretary of the IBN, was formed to examine additional investment prospects in HuaXin Cement Narayani Pvt Ltd and instructed to submit a report within 15 days.
Furthermore, a committee, headed by IBN Chief Executive Officer Sushil Bhatta, was tasked with engaging in discussions with developers of the 327MW Upper Marsyangdi-2 Hydroelectric Project and the 250MW solar energy project to finalize project development agreements.
The meeting also addressed issues concerning land acquisition for the Chhyangkuti to Diding access road of the under-construction 900MW Arun III hydro project, forwarding the related report to the Cabinet for decision, according to IBN spokesperson Pradyumna Prasad Upadhyay.
Moreover, permissions were granted to repatriate foreign investors’ funds as per the approved share purchase agreement for the Dang Cement Project. The board extended the term of committees studying the Tamor Reservoir Hydroelectric Project and the project development and investment modality of the Nijgadh International Airport Project until July 16.
Attended by several ministers and top officials, the meeting emphasized promoting the development of projects through public-private partnerships, Upadhyay added.
