The Investment Board Nepal (IBN) has formed a taskforce to establish a chemical fertilizer factory in the country.
The 63rd meeting of the Investment Board Nepal (IBN), chaired by Prime Minister KP Sharma Oli, took a decision to this effect, the IBN informed through a statement.
According to the statement issued by the IBN, the meeting held at the Office of the Prime Minister and Council of Ministers formed the taskforce to study the comprehensive feasibility report of the proposed fertilizer plant and suggest an appropriate alternative for its development.
The Board also decided to advance the Panchkhal Special Economic Zone (SEZ) Project through a competitive process under the 'Swiss Challenge' concept, which allows third parties to submit counterproposals for unsolicited bids.
The meeting formed another taskforce to review existing agreements on double taxation avoidance and investment promotion and recommend similar agreements with additional countries.
In addition, the meeting formed a separate taskforce to study international laws, national policies, and legal frameworks related to proposals received for the Deep Seabed Mining Project. The taskforce will also assess the project's technical and economic aspects before submitting its report to the Board.
The meeting authorized the IBN to grant survey permissions for proposed Green Hydrogen projects and the establishment of related industries.
To enhance operational efficiency, certain decision-making powers have been delegated to the Executive Director of the Board.
Furthermore, the meeting agreed to recommend the formation of a 'project review panel' to the government as outlined in the Project Development Agreement of the under-construction Arun-3 Hydropower Project. -- RSS
