The 67th meeting of the Investment Board Nepal (IBN) chaired by Prime Minister Sushila Karki on Wednesday decided to take forward several investment proposals.

According to the prime minister’s private secretariat, the board approved investment in the Betan Karnali Semi-Reservoir Hydroelectric Project (439 MW), with an estimated cost of Rs93.4 billion, and decided to form a negotiation committee for the project development agreement. The project spans over Surkhet and Achham districts.

The initial estimated cost of the project was Rs74 billion, which has now been revised to Rs93 billion. The project is an initiative of the Employees Provident Fund, which holds 40 percent of the shares. Other shareholders include the Nepal Electricity Authority and Vidyut Utpadan Company Limited, according to the project’s website. The detailed project report (DPR) has already been completed.

The meeting also reviewed the progress of the Investment Board’s office for the fiscal year 2081-82 and approved the annual work plan for the current fiscal year, 2082-83.

Additionally, the board approved the draft production license for the Lower Arun Hydroelectric Project (669 MW) and authorised the chief executive officer of the Investment Board to issue the license. The project is being developed by India’s Satluj Jal Vidyut Nigam.

Furthermore, the board meeting approved the draft of the “Direct Agreement” for the Arun-3 Hydroelectric Project (900 MW) to be submitted to the Cabinet. The project, also developed by Satluj Jal Vidyut Nigam, has nearly completed construction.

Furthermore, the board decided to extend the survey permit for the West Seti Reservoir Hydroelectric Project (800 MW), a statement issued by the IBN said. The IBN and India’s National Hydroelectric Power Corporation (NHPC) had signed a memorandum of understanding to develop the project in 2022. The estimated cost of the project is $2.4 billion, and in 2023, the NHPC informed that it will take 21 months to complete the DPR.

The board also approved a survey permit for the Auto Service Eco-Industrial Park Project (estimated cost Rs1.6 billion), submitted as an unsolicited proposal by project developer Blazepic Global Group Limited, Hong Kong, for preparing the DPR, and development.

Additionally, the meeting approved temporary staffing requirements for various service groups and categories for the current fiscal year 2082-83 for IBN’s office. It also decided to submit the draft amendment to the Public-Private Partnership and Investment Regulations, 2077 to the Cabinet for approval.

The meeting was attended by several high-level officials, including Finance Minister and Vice-Chairperson of the Board Rameshore Khanal; Minister for Energy, Water Resources, and Irrigation Kulman Ghising; Minister for Industry, Commerce, and Supplies Anil Kumar Sinha; Chief Secretary Eknarayan Aryal; Nepal Rastra Bank Governor Bishwanath Paudel, and Secretary at the Prime Minister's Office Raj Kumar Shrestha.