November 12: The Investment Board Nepal (IBN), which is authorized by the government to look after projects with investment more than Rs 6 billion, has approved  various projects worth Rs 242 billion in the last four months.

The board and approved projects worth Rs 185 billion in the third week of June. On Sunday, the board approved additional projects with investment of Rs 38.68 billion. This amount has been committed to the hydropower sector.

A meeting of the Investment Board on Tuesday (November 10) chaired by Prime Minister KP Oli, who is also the chairman of the board, also approved Ghunsekhola Hydropower Project with investment of Rs 17.62 billion, Himchuli Dordi Hydropower Project (Rs 10.61 billion) and Dudhkhola Hydropower Project (Rs 10.43 billion).

These projects will be undertaken on Public Private Partnership (PPP) model.

In June/July, the board had approved five hydropower projects and two others related to cement industry.

The total production capacity of the hydropower projects approved four months ago is said to be 688.4 megawatts.

The board had also given approval to Dang Cement and Samrat Cement Industries during the same time. These two companies have committed a total investment of Rs 47.55 billion.  

Stakeholders say that the approval of big projects amid Covid-19 pandemic indicate that Nepal is a safe place for investment.