October 29: The Investment Board Nepal (IBN), which was established 10 years ago with the objective of raising investment for big projects, is starting the study of about a dozen new projects.
The board, which has approved investments for 28 projects since its establishment, has started studying new projects to expand the scope of investment.
According to the IBN, projects have been selected and studied from all the provinces for fair and uniform development in all the states. The 10 projects studied in the seven provinces include Taltalaiya, a multipurpose project in Province 1, Janaki Heritage Hotel and Cultural Village in Province 2, Bus Rapid Transit on Ring Road in Bagmati province, Dhulikhel Medicity and Dolakha Film City.
Similarly, the Board has started studying the International Convention Center in Gandaki, Pokhara, Gautam Buddha Maternity Hospital in Lumbini, Karnali Integrated Herbal Processing in Karnali, Far Western Public Transport in Far West, and Khaptad Integrated Tourism Project.
According to the officials of the Board, the study of these projects will help the investors to show the new projects and inform them about the estimated cost of these projects as well as the possible benefits. Sushil Bhatta, CEO of the Board said that they will start raising funds after conducting necessary study.
After the establishment of the office of Investment Board, investment amount of Rs 8 billion has been approved for 28 projects. However, only a small amount of the approved investment has actually been invested till date.
The Investment Board established in 2068 BS had approved the investment for the Dangote Cement Industry in 2070 BS. However, its investors have already returned. The board had approved investments for 28 industries in six sectors including energy, manufacturing, mining, tourism and urban development. Out of the approved investments, only Hongshi Shivam Cement Industry has come into operation so far.
Four industries that include Arun 3 Hydro Power Company, Upper Trishuli 1, Huaxin Cement and Waste to Energy Project are under construction.
The Investment Board has approved five more projects. These include China-Nepal Friendship Industrial Park, Vehicle Manufacturing and Assembling Plant, Dang Cement, Smart Cement and Upper Marsyangdi Hydro Power.