'IBN’s role vital for investment'

By A Staff Reporter, Kathmandu, May 6: Outgoing Chief Executive Officer of the Investment Board Nepal (IBN), Sushil Gyewali, has said that the Investment Board Nepal (IBN) has established its role in facilitating investment in large, long-term projects in Nepal.

Speaking at a farewell programme at the Office of the IBN on Monday, he said that the Board has so far approved projects worth approximately Rs. 1,700 billion. 

Additionally, investment proposals worth around Rs. 2,000 trillion have been received from investors, reinforcing the necessity of the Board in advancing large-scale investment projects, he said.

On the occasion, he further said that the Investment Board, in collaboration with the Confederation of Nepalese Industries, has recently prepared a pipeline of Public-Private Partnership (PPP) projects worth USD 100 billion. 

These projects are being presented to investors with a target of implementation within next ten years. 

He expressed the view that this initiative could significantly contribute to expanding Nepal’s economy to USD 100 billion within next five to seven years.

According to the IBN, out of the 53 projects approved so far through the Board, two projects with an investment of Rs. 58.81 billion have been completed and are currently in the production phase.

Similarly, a total of 28 projects with an estimated investment of around Rs. 598 billion are under construction, while two projects with an investment of Rs. 255 billion have entered the implementation phase with financial closure. 

In addition, 11 projects with an investment of Rs. 555 billion are in the Project Development Agreement (PDA) stage. Likewise, five projects with an estimated investment of around Rs. 84 billion are undergoing detailed study by the respective investors.

Gyewali said that during his tenure, projects worth around Rs. 500 billion reached the implementation stage, and added that necessary groundwork has been prepared for the Board to achieve its investment targets.

Similarly, the Board has prepared drafts of procedures related to the One-Stop Service Centre, Swiss Challenge method, Fund Operation, Land Acquisition, and Expert Mobilisation.

Likewise, it has also drafted a framework for Public-Private Partnerships (PPP) for provincial and local levels, as well as procedures related to the Hybrid Annuity Model.

In addition, the Board has prepared a draft amendment to the Act to implement a single-window approval system.

Highlighting that the foundation has been set to make the Investment Board financially, administratively, and legally autonomous, Gyewali expressed his commitment to continue contributing to creating an enabling investment environment in the future.