Investment Board approves deal to study hydel projects

By A Staff Reporter, Kathmandu, Aug. 9:The Investment Board of Nepal (IBN) has approved the memorandum of understanding with the developer company NHPC Limited – an Indian government Enterprise – to study for the development of 750-Megawatt West Seti and 450-MW Seti River-6 joint hydroelectricity projects. 

The 52nd meeting of the Board chaired by Prime Minister and Chairman of the IBN Sher Bahadur Deuba held at the Prime Minister’s Office in Singha Durbar on Monday also directed the office of the IBN to proceed with the necessary preparations related to the investment approval and project development agreement (PDA) of the 679-MW Lower Arun Hydroelectricity Project. 

Likewise, it also decided to provide survey license to Himtal Hydropower Company Pvt. Ltd. to conduct a study on the 327-MW Upper Marsyangdi – 2 Hydroelectricity Project. 

A decision was also made to organise Sustainable Infrastructure Investment Forum-2022 in the second week of October this year with the aim of promoting investment in sustainable infrastructure development in Nepal.

Similarly, it decided to implement the decision of the Cabinet regarding the financial closure of the Upper Karnali Hydropower Project.

In the meeting, Prime Minister Deuba instructed the board to proceed with the study and construction of national priority projects such as the West Seti, Upper Karnali, Arun -3, and Lower Arun within the stipulated time. 

The Ministry of Finance, Ministry of Energy, Ministry of Land Reform and Ministry of Forestry and other relevant agencies should effectively coordinate with the projects, he said. 

The work should be conducted in a way that shows the result of cooperation, and emphasis should be given on the adoption of technologies that reduce the negative impact on 

the environment and human health while developing cement industries, instructed the PM.

Sushil Bhatt, the Chief Executive Officer of the IBN, informed about the progress regarding the project development and the activities carried out by the office in the areas of investment promotion, project development, institutional capacity development and partnership.