NA plans to invest in hydel sectorThe Nepal Army (NA), which has invested billions of rupees in the education and health sectors through its welfare fund, is planning to put money into the hydropower sector.
The Nepal Army (NA), which has invested billions of rupees in the education and health sectors through its welfare fund, is planning to put money into the hydropower sector.
The Central Welfare Fund (CWF) of the national defence force is carrying out a study to make investment in the Makwanpur-based Mandu Khola and Manang hydropower projects.
Brigadier General Gaurav Tandul, director of the CWF, said the Army is currently studying the modality of investment.
Speaking at a press conference organised at the NA Headquarters on Tuesday, Brig Gen Tandul said the Army is willing to invest in the hydropower sector, aiming at proper utilisation of the money collected under the welfare fund.
The Army’s welfare fund currently has a cash deposit of Rs 33.06 billion, up from Rs 30.34 billion in the last fiscal year.
According to the Army, 22 percent of the salary of those deployed in various peace missions is deposited in the fund. In addition, the interest from the banks also goes to the welfare fund. An Army official deployed in peacekeeping missions in war-prone countries is paid $1,365 a month.
“Our existing legal provisions bar us from being the promoters. That’s why we are looking for other options where we can invest,” said Tandul. Currently, the Army has invested Rs 4.4 billion through its welfare fund in various sectors, including Rs 2.14 billion in a medical college and an oxygen plant.