Preparations have been forwarded with the initiative of the Non-Resident Nepalis' Association (NRNA) to establish a fund of Rs 10 billion in a bid to invest in the infrastructure sector. For this, it is registering a separate company in Nepal.
The decision to this was made at a meeting held in the Finance Ministry on Thursday. As per the agreement made earlier, the Nepal government would have a five per cent contribution to the fund.
Finance Minister Bishnu Poudel informed that the ministry was ready to extend assistance including the monetary ones for the immediate establishment of the fund. He urged NRNA Chairperson Kumar Pant to begin the works by finalizing the company registration within a week.
On the occasion, NRNA Chairperson Pant made the commitment that the works on it would be accelerated as the process to register the company was underway. The NRNA will have a 10 per cent share in the company while 85 per cent share goes to the Nepalis living abroad. The NRNA will issue a general share to those Nepalis living abroad.
Chairperson Pant further informed that there was already a proposal on different areas of investment. The Nepalis living abroad are eager to invest on Nepal's infrastructures, he added.
The meeting was also attended by Minister for Industry, Commerce and Supply Lekharaj Bhatta, Finance Secretary Sishir Kumar Dhungana, Revenue Secretary Ramsharan Pudashaini, Governor at Nepal Rastra Bank Maha Prasad Adhikari, Economic Advisor to Finance Minister Dr Prakash Kumar Shrestha, Chief Executive Officer at Investment Board Sushil Bhatta and others.
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