The 62nd meeting of the Investment Board Nepal (IBN), held on Wednesday under the chairmanship of Prime Minister KP Sharma Oli, decided to update and prioritize projects for implementation.

The meeting, convened at the Office of the Prime Minister and Council of Ministers in Singha Durbar, also formed a Public-Private Partnership (PPP) Project Prioritization Committee to prepare and submit a list of priority projects that were showcased or approved during the Investment Summit held in April 2024. The committee will be led by Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel.

The Board directed the IBN office to draft and submit procedures to ensure consistency in the implementation of PPP and private investment projects across the federal, provincial, and local governments, as well as subordinate public bodies, in line with the Public-Private Partnership and Investment Act, 2075 BS.

The meeting also reviewed progress on the China-Nepal Friendship Industrial Park in Damak, particularly the provisions agreed upon with the developer under the project development agreement. The Board instructed officials to resolve the remaining issues through consultation and coordination with the relevant agencies, according to IBN spokesperson and joint secretary Pradhumna Prasad Upadhyay.

Additionally, the Board decided to extend the survey permit for the Seti River-6 semi-reservoir hydropower project (450 MW) by one year to allow for the completion of its detailed project report (DPR) and environmental impact assessment study.

The meeting also recommended that the Government of Nepal incorporate key matters related to the Investment Board in the budget statement for the fiscal year 2025/26, in line with national policies and programs. -- RSS