October 10: The Investment Board Nepal (IBN) has approved investment worth around Rs 73 billion for the construction and development of two hydropower projects. The 48th meeting of the Investment Board presided over by its chairperson and Prime Minister Sher Bahadur Deuba took a decision to this effect on October 9.

As per the decision, the board has approved the promoters of the 900-megawatt Arun III hydropower project based in Sankhuwasabha district to make an additional investment of Rs 62.26 billion in the project.    

The project is being undertaken by the Sutlej Hydropower Company owned by the Government of India. Sutlej Hydropower Company has set up a subsidiary named SJBN Arun III Hydropower Development Company in Nepal to carry out the construction works of the project.

Altogether six banks of Nepal and India have already invested Rs 101.6 billion for the project and still requires additional investment.

The board has also approved an investment of Rs 10.5 billion for the 56-megawatt Jumkhola hydropower project based in Dolakha.

Likewise, the meeting has decided to form a high-level study committee under the coordination of IBN vice chairperson to prepare a report relating to the 900-megawatt Upper Karnali hydropower project and submit it within 45 days.    
The committee comprises representatives from the ministries of finance, energy and law as well as IBN chief executive officer and an expert. IBN joint secretary is the member secretary of the committee.    
Similarly, the meeting also decided to approve the annual budget and programmes of the IBN for the Fiscal Year 2021/22 and approve the share purchase and sale agreement of Samrat Cement and the Upper Trishuli-1 hydropower project.    
On the occasion, PM Deuba directed all concerned sectors to make a long-term plan relating to increasing electricity consumption and to create conducive environment for investment.

(With inputs from RSS)