The 67th meeting of the Investment Board Nepal (IBN) has decided to approve investment for the 439-megawatt Betan Karnali semi-reservoir hydropower project and has moved forward with preparations to form a negotiation committee for the Project Development Agreement (PDA). The board has stated that it will immediately begin the necessary procedures to advance the project, which is estimated to cost more than 93 billion rupees.

The 67th meeting of the Investment Board, formed under the Public-Private Partnership and Investment Act 2075, has endorsed the progress review of the previous fiscal year and approved the work plan for the current year. The meeting has also approved the draft generation license for the 669-megawatt Lower Arun Hydropower Project. The authority to issue the license has been delegated to the Board’s Chief Executive Officer. Accordingly, the project will now enter the formal approval process.

The 67th meeting of the Investment Board, formed under the Public-Private Partnership and Investment Act 2075, has endorsed the progress review of the previous fiscal year and approved the work plan for the current year. The meeting has also approved the draft generation license for the 669-megawatt Lower Arun Hydropower Project. The authority to issue the license has been delegated to the Board’s Chief Executive Officer. Accordingly, the project will now enter the formal approval process.

The same meeting also decided to submit to the Council of Ministers the draft of the required direct agreement for the 900-megawatt Arun III Hydropower Project. Likewise, the meeting concluded to extend the survey license period for the 800-megawatt West Seti reservoir-based project.

Meanwhile, the Board has decided to move forward with the Auto Service Eco-Industrial Park project - proposed by Blazepic Global Group Limited - at the conceptual level. It has authorized the Chief Executive Officer to sign an agreement for preparing a detailed project report and to issue the survey license. The estimated cost of this project is around 16 billion rupees.

The meeting also approved the temporary staffing positions - by service, group, and category - required for the Investment Board for the current fiscal year. In addition, the meeting endorsed the preparation of a draft amendment to the Public-Private Partnership and Investment Regulations 2077, to be submitted to the Council of Ministers.

“The meeting was attended by Finance Minister and Vice-Chair of the Board Rameshwor Prasad Khanal; Minister of Energy, Water Resources and Irrigation Kulman Ghising; Minister of Industry, Commerce and Supplies Anil Kumar Sinha; Chief Secretary Ek Narayan Aryal; Nepal Rastra Bank Governor Bishwanath Paudel; Secretary of the Office of the Prime Minister and Council of Ministers Raj Kumar Shrestha; and other senior officials.”

Biznessnews