It’s just a beginning, says Finance Minister Yubaraj Khatiwada

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.

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 YubarajKhatiwada said the investment summit had successfully promoted Nepal as a favourable 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.

At a glance

- 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