27th IBN Board Meeting Concludes

27th IBN Board Meeting Concludes

KATHMANDU: The 27th meeting of Investment Board was held under the chairmanship of the Prime Minister and chairman of the Board Sher Bahadur Deuba on 3 August, 2017. The meeting conducted at Office of the Prime Minister and Council of Ministers (OPMCM) took crucial decisions regarding the different projects being implemented under IBN facilitation.

The meeting decided to immediately move forward the process of providing forest land required for Upper Karnali and Arun-3 Hydropower Projects on lease to concerned developers. The meeting also directed to the Ministry of Forest and Solid Conservation to revise the existing 'Guidelines on Utilization  of National Forest Land 2017' and 'Working Policy on Construction and Operation of Physical Infrastructures within Protected Area 2007' after consultations with stakeholders so as to create investment friendly environment.

The meeting also approved the draft of the Project Implementation Agreement (PIA) to be signed between Office of the Investment Board Nepal ( OIBN) and Hongshi Shivam Cemenet Pvt Ltd by September 4, 2017. The PIA would be the first of its kind in Nepal aimed to promote private  investment from foreign company. As per PIA, Nepal government will provide investment security and offer services, facilities and other supports through OIBN.

The meeting also decided to form a high-level committee headed by a member of the National Planning Commission overseeing agriculture sector to recommend modality and Viability Gap Funding (VGF) to Investment Board for the  establishment of a chemical fertilizer plant in the country. The panel is mandated with submitting a report with recommendations based on the Public-Private Partnership (PPP) policy to Investment  Board within three months.

The meeting also approved an investment proposal  for management of solid waste in Dharan Sub-metropolitican City submitted by a developer company ---Venture Waste to Energy Pvt Ltd. Similarly, the meeting also took decision to give consent in principle to provide compensation as per available proofs to those who have not received any compensation for their land acquired to construct about 4.5 km (Chhainkutti-Diding) section of  about 28.69 km long access road to powerhouse site of  900 MW Arun-3 Hydropower Project.

On the occasion, Prime Minister Deuba directed to all concerned agencies to undergo legal and procedural reforms for removing obstacles being faced by investors stating that both domestic and foreign investment are necessary for the prosperity of the country. The CEO of Investment Board Maha Prasad Adhikari tabled the meeting agendas for decisions and presented project updates. Adhikari also underlined the needs for coordination among the concerned government agencies to move forward the implementation of infrastructure projects.

Minister for Finance and Vice chairman of Investment Board Gyanendra Bahadur Karki, Minister for Information and Communication Mohan Bahadur Basnet, Minister for Physical Infrastructure and Transport Bir Bahadur Balayer, Minister for Energy Mahendra Bahadur Shahi, Chief Secretary Rajendra Kishore Kshetri, Governor of Nepal Rastra Bank Dr Chiranjibi Nepal, president of the Federation of Nepalese Chambers of Commerce and Industry Bhawani Rana, president of the Confederation of Nepalese Industries (CNI) Hari Bhakta Sharma , board member Balkrishna Siwakoti and secretaries of concerned ministries and private sector representatives were also present at the meeting. 

Click here for the Press Release about the meeting.