IBN approves Rs 73b budget for two hydropower projects

The Investment Board Nepal (IBN) has approved investments worth approximately Rs 73 billion for the construction and development of two hydropower projects.

The 48th meeting of the IBN presided over by its chairperson and Prime Minister Sher Bahadur Deuba today took the decision to this effect. As per the investment approval, the 56-megawatt Jumkhola hydropower project based in Dolakha district will attract investment of around Rs 10.5 billion while the 900-megawatt Arun III hydropower project based in Sankhuwasabha district will receive an investment of Rs 62.26 billion.

Likewise, the meeting has decided to form a high-level study committee under the coordination of the IBN vice-chairperson for the committee to submit a report relating to the 900-megawatt Upper Karnali hydropower project to the IBN within 45 days.

The committee comprises representatives from the Ministries of Finance, Energy, Water Resources and Irrigation and Law, Justice and Parliamentary Affairs, the IBN chief executive officer, and an expert. IBN joint secretary is the member secretary of the committee as informed.

Similarly, it was decided to approve the annual budget and programmes of the IBN for the fiscal year, 2021/22, and approve the share purchase and sale agreement of Samrat Cement and the Upper Trishuli-1 hydropower project.

On the occasion, PM Deuba directed all concerned sectors to make a long-term plan relating to electricity consumption increment and create an environment conducive for investment.

IBN chief executive officer Sushil Bhatta apprised the event of the progress of projects launched by the IBN and its progress and activities.

Present on the occasion were Finance Minister and IBN Vice-Chairperson Janardan Sharma, Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Industry, Commerce and Supplies Gajendra Bahadur Hamal, Minister for Forest and Environment Ram Sahaya Prasad Yadav, National Planning Commission Vice Chairperson Bishwonath Poudel, Chief Secretary Shankar Das Bairagi, IBN members Hari Bhakta Sharma, Bhawani Rana and Rajesh Kaji Shrestha and high ranking government and officials.