Nepal Investment Board approves seven projects worth Rs 185.43 billionThe 44th meeting of the board chaired by Prime Minister KP Sharma Oli on Friday also decided to grant a survey licence to Risen Energy Singapore for the development and operation of two separate, and Nepal’s largest, 125MW solar power projects.
The Investment Board of Nepal has approved investment of Rs 185.43 billion for seven different projects.
The 44th meeting of the board held at Baluwatar on Friday approved the investment. Among the approved investments, five are hydropower projects and two cement projects.
The board said that it has approved investment of Rs78.65 billion for the 327MW Upper Marshyangdi-2 Hydropower Project, which lies in Lamjung and Manang.
The meeting also approved investment of Rs6.30 billion for the development of 42.9MW Ankhukhola Hydropower Project in Dhading.
Ankhukhola has secured $46 million from different banks and the Hydroelectricity Investment and Development Company. In May 2016, Ankhukhola signed a power purchase agreement with the Nepal Electricity Authority.
The board also approved investment of Rs 10.31 billion for the 57.3MW Myagdi Khola Hydropower Project in Myagdi and Rs13.57 billion for the 97.2MW Isuwa Khola Hydropower Project in Sankhuwasabha.
Likewise, the meeting approved investment of Rs28.06 billion for the development of the 164MW Kaligandaki Gorge Hydropower Project in Mustang and Myagdi. The project is being developed by Chinese Yunnan Xinhua Water Conservancy and Hydropower Investment Company, under the state-owned China Nuclear Power Group.
According to a statement issued by the Investment Board of Nepal, an investment of Rs32.50 billion has been approved for the development of Dang Cement Industries and Rs15.05 billion for Samrat Cement Industries, also in Dang.
The meeting also decided to provide a survey licence to Risen Energy Singapore JV PTE for the development and operation of two separate 125 MW solar power projects in Banke and Kapilvastu under the public-private-partnership model. The project, which will include a 20MW storage capacity, will be Nepal’s largest solar farm.
According to the Investment Board, the meeting has also decided to extend the deadline to submit the detailed project report for four projects—Damak Clean Industrial Park, Muktinath Cable Car, Multi-Modal Logistics Park, and Private Freight Terminal and Bulk Handling Facilities.
The preparation of these detailed project reports have been affected by the Covid-19 pandemic.
In October last year, Damak Clean Industrial Park, a China-invested company, had signed a Memorandum of Understanding with the Investment Board for the China-Nepal Friendship Industrial Park in Damak, Jhapa.
Lhasa Economic and Technological Development Zone Investment Development Company Limited is investing in the project which aims to develop complete industrial infrastructure for industries to operate.
In September 2018, the Investment Board and Muktinath Darshan signed a Memorandum of Understanding to prepare a detailed project report for the construction of a 84-km cable car service from Birethanti of Myagdi district to Muktinath Temple in Mustang district.
In December last year, the Investment Board, CG Logistics and Sharaf Group of the UAE signed a Memorandum of Understanding to construct and operate a Multi-Modal Logistics Park in Biratnagar.
Similarly, in June, Flash Freight Logistics was approved by the Investment Board to conduct a feasibility study for the development of a freight terminal and bulk handling facilities in Birgunj and Bhairahawa.