The 64th meeting of the Investment Board Nepal (IBN) has approved investment for the ambitious Muktinath Cable Car Project and endorsed several other large-scale infrastructure developments.
Chaired by Prime Minister and IBN Chairperson KP Sharma Oli, the meeting was held on Thursday, June 5, at the Prime Minister’s official residence in Baluwatar. A key highlight of the meeting was the approval of an 81.041-kilometer cable car line with seven stations, connecting Seraphant (Birethanti/Naya Pul) in Parbat district to the famous pilgrimage site of Muktinath in Mustang.
The project, estimated to cost Rs 57.64 billion, will be developed under the Build-Own-Operate-Transfer (BOOT) model by Muktinath Darshan Pvt. Ltd. To facilitate the project's implementation, the board formed a negotiation committee led by IBN CEO Sushil Gyewali to finalize the project development agreement with the company.
Once operational, the Muktinath Cable Car is expected to significantly enhance regional tourism and create substantial employment opportunities at the local level.
In addition, the board decided to conduct further study of the Detailed Project Report (DPR) for the 750 MW West Seti Storage Hydroelectric Project, which is projected to draw investment of approximately Rs 160 billion.
The board also approved a draft agreement for cooperation in Nepal’s railway sector with South Korea’s state-owned railway corporation, KORAIL. The agreement will be submitted to the Cabinet for final approval.
Further investment approvals included: Chhilung Khola Hydropower Project (43.2 MW), Bajhang Upper Seti Hydropower Project (216 MW) and Bakan Khola Hydropower Project (44 MW)
The board also gave the green light to proposals for establishing a refined edible oil processing industry in Janakpur and developing multiple information technology parks in various parts of the country.
