IBN 64th meeting approves investment of Muktinath Cable Car Project

Kathmandu, June 5: The 64th meeting of the Investment Board Nepal (IBN) has decided to take forward various projects including the approval of the investment of Muktinath Cablecar Project.     

The meeting, chaired by Prime Minister and IBN Chairperson KP Sharma Oli and convened at the Prime Minister's official residence at Baluwatar today, approved the investment for the construction of the 81.041 kilometres long cablecar way from Seraphant (Birethanti/Nayapul) up to Muktinath in Mustang. The cablecar will have stations at seven different locations.     

The Muktinath Darshan Pvt Ltd had presented a proposal to construct the project with estimated cost of Rs 57 billion 643 million 700 thousand under the build-own-operate-transfer (BOOT) model.     

The meeting has formed a committee under the chairmanship of the Board's chief executive officer, Sushil Gyawali, to discuss the terms of the project development agreement with the company. It is expected that when this venture is operational, there will be a significant increase in tourists and employment at the local level.     

The 64th meeting of IBN has also decided to get approval from the Cabinet for the draft agreement with a South Korean organization called Korea Rail to study cooperation in the railway sector in Nepal, and to conduct further study on the detailed project report of the West Seti reservoir project, which will have a capacity of generating 750 megawatts electricity and an investment of Rs 160 billion.     

Similarly, the investment approvals for the 43.2 megawatt Chilung Khola Hydropower Project, the 216 megawatt Bajhang Upper Seti Hydropower Project, and the 44 megawatt Bokan Khola Hydropower Project have been made by the board.     

The meeting has decided to forward the proposals received for the establishment of a refined edible oil industry in Janakpur and IT parks in various locations. (RSS)