The
two-day Nepal Investment Summit concluded today with investors applying for 16
projects out of the 77 that the government showcased.
The
summit witnessed investment agreements on 15 projects between investors themselves
and also the government and investors. As the government has said investors can
submit their applications for the showcased projects till April 20, the
government is likely to ink more pacts with investors on available projects.
The
agreed upon projects include a joint venture agreement on development of a
multi-model logistic park between Chaudhary Group and Sharaf Group; JV
agreement to develop the 600-megawatt utility-scale solar photovoltaic project
between CG and Skypower; JV agreement between CG and Turkcell for 5G mobile
network service; solar photovoltaic energy between Chief Ministers’ Office of
Province 2 and CG Infrastructure Ltd.
Agreement
was also reached on development of the 164MW Kaligandaki Gorge Hydropower
Project between Yunnan Xinhua Water Conservancy and Hydropower Investment,
Hydro Solutions Group and Shanghai Investigation, Design and Research
Institute. The event also witnessed commitment letter for financing the
900-megawatt Arun-III Hydropower Project between Nabil Bank, Everest Bank,
State Bank of India and SJVN Arun-III Power Development Company.
A
pact was also signed between Investment Board Nepal, International Finance
Corporation and Special Economic Zone Authority for development of Simara SEZ
as per public-private-partnership modality.
Agreement
was also reached for development of Himalaya Boutique Village Resort in Banepa;
setting up a Rs 10 billion fund by Non-Resident Nepali Association; and
construction of a grain warehouse and infrastructure development cooperation.
Muthoot
Finance of India, also announced it would to invest Rs 399 million in United
Finance Ltd of Nepal.
Maha
Prasad Adhikari, CEO of IBN, said the board would set up a robust follow-up
mechanism on agreements that had been signed and those that would be signed in
the next few weeks. “We will start processing applications the government has
received. We are committed to see to it that the deals signed today and those
that will be signed in future will be implemented,” he said.
Addressing
the concluding ceremony, former prime minister and Co-chair of Nepal Communist
Party (NCP) Pushpa Kamal Dahal said it was the right time for investors to
inject investment in Nepal as the country’s sole priority was economic
prosperity and development.
“Following
the end of the political transition, Nepal is looking at speedy development and
growth. As Nepal has tremendous unleashed potential, it is the right time for
investors to do business here,” said Dahal.
Finance
Minister Yubaraj Khatiwada said the investment summit had successfully promoted
Nepal as a favorable destination for doing business and expressed his
commitment to support investors through all means. “Agreements signed today are
just the beginning. We will have more agreements with investors on a wide range
of products in the days ahead,” he added.
Major Highlighted Projects
- Development of a multi-model logistic park
- Development of 600-MW utility-scale solar PV project
- 5G mobile network service
- Development of Simara SEZ on PPP modality
- Setting up aRs 10bn fund to finance projects
- Development of Himalaya Boutique Village Resort in
Banepa
- FDI worth Rs 399m in United Finance Ltd of Nepal
- Development of the 164-MW Kaligandaki Gorge Hydropower
Project
- Financing commitment for 900-MW Arun-III Hydropower
Project
Source: The Himalayan Times, 30th March
2019.
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