Migrant Workers From UAE to Invest Rs 100 Million in Hydropower

September 6: Nepali migrant workers currently employed in the UAE have decided to invest Rs 100 million in hydropower project in Nepal. They have formed Overseas Nepalese Investment Company Limited and will be investing though the company.

The first general assembly of the company held recently in the UAE had decided to invest in the Super Aakhukhola Hydropower Project in northern part of Dhadhing district, which is being constructed by Goraksha Hydropower Pvt Ltd at a total cost of Rs 4.44 billion. Banks have funded 70 percent of the 25.4 megawatt project while the investors have funded for the remaining amount. The UAE-based company will have its share of Rs 100 million out of the Rs 1.37 billion invested by various individuals in the project.

The company’s Managing Director Leelanath Kandel informed that they decided to invest in hydropower sector with an aim to make the country self-reliant on energy production.