The Investment Board Nepal (IBN) has approved investment of Rs 167.59 billion for big projects proposed for construction.

According to the IBN, it approved foreign investment of Rs 146.22 billion and domestic investment of Rs 21.37 billion on the proposed energy projects on Thursday. The 53th meeting of the IBN chaired by Prime Minister Pushpa Kamal Dahal made the decision to this effect.

Of the total amount, the IBN meeting approved an investment of Rs 92.68 billion for Arun Hydroelectric Project. The meeting also approved investment of Rs 33.19 billion for 102 MW Upper Marsyangdi-1, Rs 20.35 billion for 70 MW Dudhkoshi-2, Rs 13.44 billion for 70.3 MW Sembuwa Khola and Rs 7.93 billion for Upper Madi Khola hydropower projects.

The IBN also gave go ahead to the proposal of a Malaysian company to install a fertilizer factory in the country. It also approved a draft of the memorandum of understanding meant for the project related to increasing capital and capacity building of Dabur Nepal.

Meanwhile, the IBN has formed a taskforce to carry out talks with development partners to prepare a draft of the Project Development Agreement.