The Investment Board (IB), established in 2011 under the Investment Board Act 2011 and later strengthened with the introduction of Public Private Partnership and Investment Act 2019, is a high-powered agency under the Chairmanship of the Rt. Hon. Prime Minister to develop, implement and facilitate projects in Public-Private Partnership (PPP) and private investment by mobilizing domestic or foreign private sector investment in infrastructure and service sector in Nepal.
During the ten-year period of its establishment, the IB has played a significant role in the development of large and transformative infrastructure projects that will make a significant contribution to the socio-economic transformation of Nepal. The IB has approved an investment of about Rs. 833 billion for 27 projects, till today. Out of those projects, 15 projects are in energy and 12 are in the non-energy sector.
With the objective of enhancing the performance of the IB in an effective and result-oriented manner for providing more quality service to the investors, the Office of the Investment Board (OIBN) has started various institutional reform initiatives. For the first time, Investment Board Strategic Plan along with a five-year Business Plan (FY 2021/22-2025/26) has been formulated. The five key Goals for the planned period are to: approve of at least USD 10 billion, manage PPP projects of least USD 10 billion, contribute to generating employment opportunities to at least 100,000 people, contribute to improving the investment climate in Nepal, and develop IB as a PPP Center of Excellence. The four Strategic Pillars, namely, Project Development and Management, Investment Promotion, Institutional Development, and Coordination, Collaboration and Partnership have been identified and implemented to achieve these Goals.
Focusing on 3R (Reach, Retain and Regain) approach for investment promotion, various strategies have been identified to reach out to potential investors, retain and regain investors. Similarly, project bank framework has also been developed to identify, select and prioritize bankable projects and arrange appropriate development modalities. Necessary preparation has been undertaken for the establishment of a result-based monitoring system, web-based One Stop Service and Project Bank Management Information System for institutional development. Similarly, functional partnerships are being initiated with all three levels of government, development partners, private sector and all stakeholders for effective coordination, collaboration and partnerships.
The IB has set a vision of developing Nepal as an attractive investment destination and to achieve this, the Board aims at accelerating investment in transformative infrastructure across a variety of sectors by promoting and managing PPP projects and facilitating private investment in infrastructure. The OIBN is committed to availing excellent and quality services for timely execution of projects to investors as partners in development. With a blend of experienced government bureaucrats and expert consulting staff, the Office is well equipped to provide transparent, professional and handholding facilitation services to investors.
Building on the decade of learning and experience of institutional development, the OIBN has been working on Strategies to be better prepared, to consistently grow over the foreseeable future and provide more transparency, better facilitation that would help us to develop more projects, and eventually complement more to the national development targets. Our focus will be on developing projects in priority sectors such as hydropower, connectivity, agriculture, tourism, ICT, mining and minerals, health and education, manufacturing and financial sectors. With this context, we would like to welcome our valued investors to invest in Nepal and take leverage from the vast and distinctive investment opportunities available in Nepal for economic growth and shared prosperity.