After several rounds of negotiations, a board meeting of the Investment Board Nepal (IBN) chaired by Prime Minister Sushil Koirala on Wednesday finally endorsed the PDA making some amendments. The board instructed the IBN to make some amendments to the PDA document.

According to a Cabinet source, IBN and developer, India’s GMR ITD Consortium, will sign the Rs 140 billion Upper Karnali Hydropower Project agreement after the Cabinet meeting approves the draft agreement.  

Prior to signing the PDA, Indian Ambassador to Nepal Ranjit Rae was holding a meeting at the Prime Minister’s office along with GMR officials.