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IBN OKAYS RS 36B CHINESE INVESTMENT IN CEMENT PLANT

IBN OKAYS RS 36B CHINESE INVESTMENT IN CEMENT PLANT

28 Jul 2015 | 21:16pm

REPUBLICA

KATHMANDU, July 28: Investment Board Nepal (IBN) has approved foreign direct investment (FDI) proposal worth Rs 36 billion made by a Chinese company.
The board meeting of IBN, chaired by Prime Minister Sushil Koirala, held on Tuesday approved Hongshi Holding Group's proposal to invest Rs 36 billion to run a cement factory in Nepal in partnership with Shivam Cement (P) Ltd. Shivam Cement had signed an agreement in March with Hongshi Holding to establish a cement plant in Nepal. The proposed plant will have the capacity to produce 6,000 tons of cement per day. It will create more than 2,000 jobs. This is the third largest FDI in cement factories in Nepal. Dangote Group of Nigeria and Reliance Infrastructure Company Limited of India have already received approval on their investment proposal.

The meeting also has decided to start discussions on development of international airport in Nijgadh of Bara and upgradation of Tribhuwan International Airport. IBN will discuss development modality of the projects with the International Finance Corporation, the private sector arm of World Bank, and Asian Development Bank which is currently assisting in upgradation works of TIA.

Similarly, the meeting also decided to start works on development of Lower Arun Hydropower project under public-private-partnership model.

http://www.myrepublica.com/economy/item/25376-ibn-okays-rs-36b-chinese-investment-in-cement-plant.html