Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it…
Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it…
December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal…
Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private…
May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal.…
May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business…
May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project.…
May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the…
May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on…
May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political…
May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary…
May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this…
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In response, the Board has undertaken a review of its current standards and procedures to improve future outcomes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The third edition of the summit was held in Kathmandu on April 28-29, focusing on the private sector and foreign direct investment to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven days after the conference, on May 10, the board issued a notice inviting EOI for the first time to attract investment in 12 of the projects featured at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After receiving no proposals, a second EOI was issued on June 1. The EOI periods were 45 days for energy projects and 35 days for non-energy projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board reported that domestic investors have submitted Letters of Intent (LOIs) for two of the twelve projects, but no LOIs were received from foreign investors. The board's expectation that foreign investors would express interest during the second call for Expressions of Interest (EOI) did not materialise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the board, Soaltee Shivkrim Pvt Ltd from Tahachal submitted a letter of intent for the Janaki Heritage Hotel and Cultural Village project, while Gansu-SS Landmark, Blue Bird Mall, Kathmandu, submitted a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Board spokesperson Pradyumna Prasad Upadhyay said that the evaluation of both LOIs is still pending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Nepali private sector has shown its interest in two projects,” Upadhyay said. “We will conduct a review, after the appointment of the new CEO, to understand why the remaining 10 projects failed to attract the foreign and domestic investors.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IBN has been without a CEO since Sushil Bhatta's term ended on August 2. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board will evaluate if adjusting the existing standards could attract investors, according to Spokesperson Upadhyay. “We might reissue EOIs after a review and assessment of the current situation.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It has been said that the employees at the board had done the homework for the evaluation and review of the matter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An official at the board, in condition of anonymity, informed that the board’s focus was limited on general aspects such as project feasibility and the availability of a Detailed Project Report (DPR) while calling for the EOIs and proposals for the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The limited information might have been insufficient to reassure investors," said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Radhesh Pant, former CEO of the IBN, said that the board might not have provided enough information about the projects to potential investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Investors will not be attracted merely by the information provided,” said Pant. “Changes in the government could also have caused investors to hesitate from making a decision.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the coalition of Nepali Congress and CPN (Maoist) led the government when the preparations were in full swing for the investment summit, the coalition of CPN (UML) and the Maoists had come to power when it was held.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Pant emphasised that attracting investors requires more than just general information, especially for large-scale projects that take years to complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Specific details such as availability of land, electricity, government taxes, and provisions on dividends need to be disclosed to draw in investors,” said Pant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government had sought letters of intent for a dozen projects aimed at boosting investment in reservoir hydropower projects, industrial areas, maternity hospitals, expressways, and conference centres. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Over 2,500, including more than 800 representatives of foreign firms, had participated in the summit which showcased a total of 154 projects. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21545', 'image' => '20240812073543_20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-08-12 19:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16528', 'article_category_id' => '279', 'title' => 'Nepal Receives Foreign Investment Commitment of Rs 5.89 Billion in 4 Months', 'sub_title' => '', 'summary' => 'December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year. According to the data released by the Department of Industry, foreign investment proposals worth Rs 5.89 billion for 43 companies have been approved between mid-July to mid-November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department, the investment commitment from mid-October to mid-November is more than the first three months of the current fiscal year. From mid-July to mid-October, investment worth Rs 2.24 billion was made for 19 industries. From mid-October to mid-November alone, foreign investment proposals worth Rs 3.65 billion was received for 24 industries. The department informed that one large, 10 medium and 19 small industries were registered in October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A total of 12 industries related to tourism, 10 service-oriented industries and one industry of infrastructure and information technology were registered in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">So far, 5,628 industries backed with foreign investment have been registered in Nepal, for which investment commitment worth Rs 430 billion has been pledged. The investment proposals submitted to the department states that 297,935 jobs will be created with the establishment of those industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The number of industries registered with the department include 323 large industries, 622 medium industries and 4,683 small industries. Similarly, the service sector has the highest number of industries (1,867), followed by tourism (1,855), manufacturing (1,269), agriculture (295), information technology (124), energy (91), mineral (72) and infrastructure (55).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the investment commitment for setting up industries in Nepal is increasing, the actual investment is very low in proportion to the commitment. After the foreign investment did not come in as promised, the Department of Industry started to tighten the business visa recommendation from November 4.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16269', 'image' => '20221214031714_Foreign investment.jpg', 'article_date' => '2022-12-14 15:16:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16500', 'article_category_id' => '279', 'title' => 'NIFRA, IFC Sign Agreement for Infrastructure Development ', 'sub_title' => '', 'summary' => 'Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. ', 'content' => '<p><br /> <span style="font-size:18px">December: Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. </span></p> <p><span style="font-size:18px">NIFRA’s Chief Executive Officer Ram Krishna Khatiwada and Thomas Lubeck Regional Manager, PPP Transaction Advisory Services, South Asia and East Asia Pacific at IFC - International Finance Corporation have signed the agreement. </span></p> <p><span style="font-size:18px">As per the agreement, IFC will provide technical and financial assistance to NIFRA to speed up infrastructure development based on private-public partnership in Nepal.<br /> Similarly, the IFC will collaborate with NIFRA to identify projects and conduct a primary evaluation and capacity development of the identified projects. </span></p> <p><span style="font-size:18px">NIFRA CEO Khatiwada said that the agreement would be a milestone to expedite Nepal’s infrastructure development. IFC’s representative Thomas Lubeck said that the collaboration with NIFRA would play a huge contribution to Nepal’s economy and infrastructure development.<br /> NIFRA was established with a motto to provide financial resources for infrastructure development based on public-private partnership. <br /> Since its inception, NIFRA has been investing in hydropower projects, tourism, hotels, and hospitals. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16241', 'image' => '20221211043300_collage (2).jpg', 'article_date' => '2022-12-11 16:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '15324', 'article_category_id' => '279', 'title' => 'Malaysia Reluctant to Invest in Nepal due to lack of Assurance of Return', 'sub_title' => 'Nepal Chamber of Commerce requests Malaysia to set up Industrial Village in Nepal', 'summary' => 'May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. The chamber made such a request under the concept of integrated investment in tourism, information technology and manufacturing during a meeting with the Charge d'Affaires of Malaysia to Nepal, Mohd Fadzle Abu Hassan, at Jamal-based building of the NCC in Kathmandu on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NCC Chairman Rajendra Malla said that they will take initiative for Malaysia's investment in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman Malla said, “There has been a high level of cooperation between Nepal and Malaysia in the field of labor. Malaysia has also become an excellent destination for Nepal in terms of remittance inflow. About 400,000 Nepali youth are employed in Malaysia. We urge the Malaysian government to invest in various other sectors of Nepal and also urge for labor cooperation.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that there should be a high level cooperation between the government bodies for enhancing the Nepal-Malaysia investment relations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, he mentioned that Malaysia could invest in sectors like tourism, hydropower, information technology and handicraft of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia's Charge d'Affaires to Nepal Hassan expressed his concerns saying that although they were ready for the investment, the law regarding assurance of return is not clear. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Lately, Malaysia has been increasing its investment in information technology in South Asian countries. We have no problem investing in Nepal. However, we are still unable to clarify the policy provisions regarding the returns,” said Hassan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that Malaysia currently provides employment to millions of Nepali youth, he said that this number may increase in the coming days. He said that Malaysia is ready to invest in Nepal in various fields including hydropower and tourism.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-24', 'modified' => '2022-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '15067', 'image' => '20220524092438_1653317337.jpg', 'article_date' => '2022-05-24 09:23:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15300', 'article_category_id' => '279', 'title' => 'Investment Board, Nabil Bank Sign MoU to Promote Foreign Investment', 'sub_title' => '', 'summary' => 'May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chief Executive Officer of IBN Sushil Bhatta and CEO of Nabil Bank Anil Keshari Shah signed the MoU on behalf of their respective organisations amid a programme on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, the two organisations have decided to give special emphasis to foreign direct investment (FDI) channeling and Sustainable Financing Opportunities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The MoU states that the Investment Board will coordinate and cooperate in attracting foreign investors to invest in Nepal by sharing information on prospective projects in the country and by organizing joint programmes to promote investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Addressing the signing ceremony at IBN’s office, CEO of the board Sushil Bhatta said that the strategic partnership between the board and the bank will help develop a culture of cooperation in the future. He further informed that the board has been developing Management Information System (MIS) and website-based one-stop service (OSS) for the convenience of the investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Nabil Bank’s Vice Chairman Upendra Prasad Poudel praised the role of IBN in sustainable development of Nepal and urged the board to take into consideration the environmental and social aspects while developing projects in the future.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CEO of Nabil Bank Anil Keshari Shah said that the agreement between the bank and the board would help create plenty of opportunities for foreign investment in Nepal.</span></span></p> ', 'published' => true, 'created' => '2022-05-19', 'modified' => '2022-05-19', 'keywords' => '', 'description' => '', 'sortorder' => '15042', 'image' => '20220519041350_nabil2 - Copy.jpg', 'article_date' => '2022-05-19 16:13:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15277', 'article_category_id' => '279', 'title' => 'NEA gets Approval to Invest in Butwal-Gorakhpur Transmission Line ', 'sub_title' => '', 'summary' => 'May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the joint venture project between the NEA and the Indian Power Grid Corporation, a company will be established in India for the construction work in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has to manage Rs 736 million for the construction in the Indian side, which is 50 percent of the total investment. However, the NEA itself will have to bear the cost for the construction of transmission lines under the project towards the Nepal side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The double circuit transmission line will be around 120 kilometres between New Butwal substation at Sunawal Municipality-13 in Nawalparasi district and Gorakhpur substation in India. Of the area covered by the project, around 20 kilometres falls in the Nepali side and the remaining in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NEA Executive Director Kulman Ghishing said that the permission received by NEA for foreign investment has paved the way for establishing a company in India on joint venture for the development of this project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“An article of association and regulation are readied for the company establishment and the process of establishing the company will be moved ahead after obtaining a permit for investment from India,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the seventh meeting of a mechanism of Nepal-India energy secretaries and joint-secretaries on October 14, 2019 had finalized the investment model for the development of the transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The estimated cost of the project is Rs 7.039 billion and the final management will be ensured through 80 percent loan and 20 percent equity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preparation for bids is going on for the selection of a project development plan and the NEA intends to complete the project in three years of its commencement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA and Power Grid in August-September 2021 signed a Memorandum of Understanding for joint investment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on August 3 allowed the NEA for an investment of a 50 percent share in the construction of the transmission line segment towards India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal will construct the part of transmission line towards Nepal on its own while the part towards India will be constructed with the joint venture of NEA and Power Grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The transmission will have the capacity of supplying around 2,000 megawatt of electricity. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15019', 'image' => '20220516080848_Classification-of-Overhead-Transmission-lines-1.jpg', 'article_date' => '2022-05-16 08:08:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15249', 'article_category_id' => '279', 'title' => 'Nepali Embassy in New Delhi holds Interaction on Investment, Export, Banking and Remittance Services', 'sub_title' => '', 'summary' => 'May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking as the chief guest on the occasion, Nepal's ambassador-designate to India, Dr Shankar Prasad Sharma highlighted the robust economic ties between Nepal and India. Encouraging the Indian investors to make investments in Nepal, the Ambassador stated that, in addition to others, a moderate climate, geographical proximity and availability of the means of air and land transport, language and cultural similarity, and close working relations between Nepali and Indian nationals and duty-free and quota-free provisions for export in most products are favourable factors giving advantages for Indian investors to invest in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also emphasized for the enhanced political linkages as it is important for any investor and businessperson, the Nepali Embassy in New Delhi stated in a press release. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Regarding remittance, Ambassador Sharma encouraged everyone to use banking channel to remit their earnings as it is safe, secure, simple and transparent. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Ambassador Sharma requested the bank officials to facilitate the process for opening bank accounts to everyone by creating awareness campaign and putting information in websites as far as practicable. He assured the participants of every possible support from the Eebassy in this endeavor. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In his welcome address, Deputy Chief of Mission Ram Prasad Subedi highlighted the objectives of the programme. He called for the Nepali national working in India to remit their earnings through banking channel as it can help to sustain Nepali economy affected by the COVID-19 pandemic. He also highlighted the export trade and investment opportunity in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of the Everest Chamber of Commerce and Industries, New Delhi, and the Chairperson of the programme, Yubraj Baral, called for every member of the Nepali community to encourage Indian investors and businessperson to invest in Nepal as they have established good relations with them. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also requested the embassy for coordination and facilitation wherever it is needed. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Basu Dev Bhattarai, director of the Foreign Exchange Department of Nepal Rastra Bank spoke on the existing policies and practices for remittance, foreign investment and the limitation to carry cash amount by travelers from and to Nepal. He also briefed on how foreign currency is spent and gave an account of its current situation and reserves in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nohan Karki, General Secretary, Everest Chamber of Commerce and Industries made a presentation, highlighting on the objectives, programmes and activities of the association and shared that the people of Nepali origin in India have emotional attachment to Nepal and Nepali people and always wish for their progress and prosperity. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking on the occasion, the representative of Global IME, Bank, Kathmandu, </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swechchha Rana requested Nepali nationals to use banking channels for remitting their earnings. She informed the audience about the provisions and arrangements made by the bank in several countries to open up bank account for Nepali citizens while staying abroad. She also elaborated on the various facilities and incentives made by the bank, including high interest rate. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Representative of Everest Bank Limited Kathamdu, Nikhil Shrestha thanked the ambassador and the embassy of Nepal for hosting the event.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Chief of IME Bank Khilendra Paudel, underlined the difficulties faced by common Nepalis at border points. He mentioned that in absence of clear guidelines and regulations, at present, it is very difficult for an ordinary person to approach and get services from banks by himself/herself to remit money to Nepal. He requested facilitation on behalf of the government. -- RSS </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14990', 'image' => '20220511082151_1652173851.jpg', 'article_date' => '2022-05-11 08:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15237', 'article_category_id' => '279', 'title' => 'MCC Impact: More than Rs 100 Billion Financial Assistance in 2 Months ', 'sub_title' => '', 'summary' => 'May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The agreement to provide US$500 million (approx Rs 60 billion) in grants to Nepal under the MCC project was approved by the Parliament of Nepal on February 27. According to Shalikram Pokharel, advisor to the Ministry of Finance, aid agreements worth more than Rs 100 billion have been signed with the United States and other donor agencies since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The MCC has been instrumental in bringing in foreign aid. Other donors are excited after the MCC was approved,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement between the United States Agency for International Development (USAID) and the Ministry of Finance on a grant of about Rs 80 billion was signed on May 5, 2022. USAID is providing a grant of US$ 659 million (approx Rs 79.71 billion) to Nepal to be spent within five years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The US is providing this assistance to help Nepal in its efforts to become a middle-income country. This assistance will be mobilized in collaboration with the Government of Nepal, civil society and the private sector to achieve the Sustainable Development Goals of Nepal and for democratic governance as well as enterprise-focused economic growth. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The World Bank on May 4 agreed to provide a loan of US$150 million (approximately Rs 18 billion) to strengthen the financial sector of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This loan is in the process of implementation after finance secretary Madhu Kumar Marasini and Faris Hadad-Zervos, the World Bank’s country director for the Maldives, Nepal and Sri Lanka, signed the ‘Finance for Growth’ Development Policy to strengthen financial sector stability, diversify financial solutions and increase access to financial services in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the MoF, the support will help open up capital, insurance and disaster risk financial markets and promote the new financial services. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government is taking a concessional loan of Rs 18 billion from the International Development Association of World Bank Group. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-09', 'modified' => '2022-05-09', 'keywords' => '', 'description' => '', 'sortorder' => '14979', 'image' => '20220509020457_MCC.jpg', 'article_date' => '2022-05-09 14:04:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15194', 'article_category_id' => '279', 'title' => 'Foreign Investors Pledge Rs 33 Billion in 9 Months ', 'sub_title' => '', 'summary' => 'May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors are in the forefront among the investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, the Chinese businessmen account for 73.21 percent of the total foreign investment proposals. After China, Spain is the second largest investor. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that a total investment of Rs 33.37 billion has been proposed for the current fiscal year. China's share amounts to Rs 24.43 billion. Chinese investors have registered 121 establishments to invest in Nepal's agriculture and forestry sectors, as well as ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors have made the largest investment proposals in the service sector, along with tourism and manufacturing industries. China has proposed to invest Rs 12 billion in the service sector and Rs 9.45 billion in the tourism industry. According to the department, 7,472 people will get employment as per the investment proposed by China. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, Spain has proposed a foreign investment of around Rs 5 billion. Spain has proposed to invest only in the service sector, and has registered a service-oriented establishment with the department. The country plans to invest Rs 4.85 billion in the business. The Spanish investment will provide employment to 29 people. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After China and Spain, India has offered a lot of investment in manufacturing, service and tourism sectors. Indians have proposed a total investment of Rs 1.77 billion out of whic Rs 1.33 billion is to be invested in the service sector and Rs 390 million in the productive sector, according to the records of the department. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors from Singapore have also proposed to invest Rs 1 billion by registering a productive business. Although the investment proposals from the United States are less than these five countries, the area of investment is larger. In these nine months, American investors have registered nine establishments with an offer to invest Rs 400 million. These include ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Australia is the sixth largest investor in Nepal with an investment proposal of Rs 345 million. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data of the department has shown that there is a lot of attraction of foreign investors in the tourism and service sector of Nepal. Investors from some countries want to invest only in tourism and service sectors. In addition, investment proposals have come from France, Italy, Japan, South Korea, Switzerland, the Netherlands, Vietnam and the United Kingdom. Entrepreneurs from nine of these countries want to invest in tourism sector. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-01', 'modified' => '2022-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '14936', 'image' => '20220501010354_Foreign investment.jpg', 'article_date' => '2022-05-01 13:03:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21819', 'article_category_id' => '279', 'title' => 'Nepal Investment Summit 2024 Fails to Attract Investors', 'sub_title' => '', 'summary' => 'Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">HIMA BK</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Investment Board Nepal (IBN) had called for Expressions of Interest (EOI) twice for a dozen projects, but only two projects could garner investors’ interest. In response, the Board has undertaken a review of its current standards and procedures to improve future outcomes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The third edition of the summit was held in Kathmandu on April 28-29, focusing on the private sector and foreign direct investment to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven days after the conference, on May 10, the board issued a notice inviting EOI for the first time to attract investment in 12 of the projects featured at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After receiving no proposals, a second EOI was issued on June 1. The EOI periods were 45 days for energy projects and 35 days for non-energy projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board reported that domestic investors have submitted Letters of Intent (LOIs) for two of the twelve projects, but no LOIs were received from foreign investors. The board's expectation that foreign investors would express interest during the second call for Expressions of Interest (EOI) did not materialise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the board, Soaltee Shivkrim Pvt Ltd from Tahachal submitted a letter of intent for the Janaki Heritage Hotel and Cultural Village project, while Gansu-SS Landmark, Blue Bird Mall, Kathmandu, submitted a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Board spokesperson Pradyumna Prasad Upadhyay said that the evaluation of both LOIs is still pending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Nepali private sector has shown its interest in two projects,” Upadhyay said. “We will conduct a review, after the appointment of the new CEO, to understand why the remaining 10 projects failed to attract the foreign and domestic investors.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IBN has been without a CEO since Sushil Bhatta's term ended on August 2. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board will evaluate if adjusting the existing standards could attract investors, according to Spokesperson Upadhyay. “We might reissue EOIs after a review and assessment of the current situation.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It has been said that the employees at the board had done the homework for the evaluation and review of the matter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An official at the board, in condition of anonymity, informed that the board’s focus was limited on general aspects such as project feasibility and the availability of a Detailed Project Report (DPR) while calling for the EOIs and proposals for the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The limited information might have been insufficient to reassure investors," said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Radhesh Pant, former CEO of the IBN, said that the board might not have provided enough information about the projects to potential investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Investors will not be attracted merely by the information provided,” said Pant. “Changes in the government could also have caused investors to hesitate from making a decision.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the coalition of Nepali Congress and CPN (Maoist) led the government when the preparations were in full swing for the investment summit, the coalition of CPN (UML) and the Maoists had come to power when it was held.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Pant emphasised that attracting investors requires more than just general information, especially for large-scale projects that take years to complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Specific details such as availability of land, electricity, government taxes, and provisions on dividends need to be disclosed to draw in investors,” said Pant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government had sought letters of intent for a dozen projects aimed at boosting investment in reservoir hydropower projects, industrial areas, maternity hospitals, expressways, and conference centres. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Over 2,500, including more than 800 representatives of foreign firms, had participated in the summit which showcased a total of 154 projects. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21545', 'image' => '20240812073543_20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-08-12 19:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16528', 'article_category_id' => '279', 'title' => 'Nepal Receives Foreign Investment Commitment of Rs 5.89 Billion in 4 Months', 'sub_title' => '', 'summary' => 'December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year. According to the data released by the Department of Industry, foreign investment proposals worth Rs 5.89 billion for 43 companies have been approved between mid-July to mid-November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department, the investment commitment from mid-October to mid-November is more than the first three months of the current fiscal year. From mid-July to mid-October, investment worth Rs 2.24 billion was made for 19 industries. From mid-October to mid-November alone, foreign investment proposals worth Rs 3.65 billion was received for 24 industries. The department informed that one large, 10 medium and 19 small industries were registered in October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A total of 12 industries related to tourism, 10 service-oriented industries and one industry of infrastructure and information technology were registered in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">So far, 5,628 industries backed with foreign investment have been registered in Nepal, for which investment commitment worth Rs 430 billion has been pledged. The investment proposals submitted to the department states that 297,935 jobs will be created with the establishment of those industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The number of industries registered with the department include 323 large industries, 622 medium industries and 4,683 small industries. Similarly, the service sector has the highest number of industries (1,867), followed by tourism (1,855), manufacturing (1,269), agriculture (295), information technology (124), energy (91), mineral (72) and infrastructure (55).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the investment commitment for setting up industries in Nepal is increasing, the actual investment is very low in proportion to the commitment. After the foreign investment did not come in as promised, the Department of Industry started to tighten the business visa recommendation from November 4.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16269', 'image' => '20221214031714_Foreign investment.jpg', 'article_date' => '2022-12-14 15:16:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16500', 'article_category_id' => '279', 'title' => 'NIFRA, IFC Sign Agreement for Infrastructure Development ', 'sub_title' => '', 'summary' => 'Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. ', 'content' => '<p><br /> <span style="font-size:18px">December: Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. </span></p> <p><span style="font-size:18px">NIFRA’s Chief Executive Officer Ram Krishna Khatiwada and Thomas Lubeck Regional Manager, PPP Transaction Advisory Services, South Asia and East Asia Pacific at IFC - International Finance Corporation have signed the agreement. </span></p> <p><span style="font-size:18px">As per the agreement, IFC will provide technical and financial assistance to NIFRA to speed up infrastructure development based on private-public partnership in Nepal.<br /> Similarly, the IFC will collaborate with NIFRA to identify projects and conduct a primary evaluation and capacity development of the identified projects. </span></p> <p><span style="font-size:18px">NIFRA CEO Khatiwada said that the agreement would be a milestone to expedite Nepal’s infrastructure development. IFC’s representative Thomas Lubeck said that the collaboration with NIFRA would play a huge contribution to Nepal’s economy and infrastructure development.<br /> NIFRA was established with a motto to provide financial resources for infrastructure development based on public-private partnership. <br /> Since its inception, NIFRA has been investing in hydropower projects, tourism, hotels, and hospitals. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16241', 'image' => '20221211043300_collage (2).jpg', 'article_date' => '2022-12-11 16:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '15324', 'article_category_id' => '279', 'title' => 'Malaysia Reluctant to Invest in Nepal due to lack of Assurance of Return', 'sub_title' => 'Nepal Chamber of Commerce requests Malaysia to set up Industrial Village in Nepal', 'summary' => 'May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. The chamber made such a request under the concept of integrated investment in tourism, information technology and manufacturing during a meeting with the Charge d'Affaires of Malaysia to Nepal, Mohd Fadzle Abu Hassan, at Jamal-based building of the NCC in Kathmandu on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NCC Chairman Rajendra Malla said that they will take initiative for Malaysia's investment in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman Malla said, “There has been a high level of cooperation between Nepal and Malaysia in the field of labor. Malaysia has also become an excellent destination for Nepal in terms of remittance inflow. About 400,000 Nepali youth are employed in Malaysia. We urge the Malaysian government to invest in various other sectors of Nepal and also urge for labor cooperation.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that there should be a high level cooperation between the government bodies for enhancing the Nepal-Malaysia investment relations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, he mentioned that Malaysia could invest in sectors like tourism, hydropower, information technology and handicraft of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia's Charge d'Affaires to Nepal Hassan expressed his concerns saying that although they were ready for the investment, the law regarding assurance of return is not clear. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Lately, Malaysia has been increasing its investment in information technology in South Asian countries. We have no problem investing in Nepal. However, we are still unable to clarify the policy provisions regarding the returns,” said Hassan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that Malaysia currently provides employment to millions of Nepali youth, he said that this number may increase in the coming days. He said that Malaysia is ready to invest in Nepal in various fields including hydropower and tourism.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-24', 'modified' => '2022-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '15067', 'image' => '20220524092438_1653317337.jpg', 'article_date' => '2022-05-24 09:23:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15300', 'article_category_id' => '279', 'title' => 'Investment Board, Nabil Bank Sign MoU to Promote Foreign Investment', 'sub_title' => '', 'summary' => 'May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chief Executive Officer of IBN Sushil Bhatta and CEO of Nabil Bank Anil Keshari Shah signed the MoU on behalf of their respective organisations amid a programme on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, the two organisations have decided to give special emphasis to foreign direct investment (FDI) channeling and Sustainable Financing Opportunities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The MoU states that the Investment Board will coordinate and cooperate in attracting foreign investors to invest in Nepal by sharing information on prospective projects in the country and by organizing joint programmes to promote investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Addressing the signing ceremony at IBN’s office, CEO of the board Sushil Bhatta said that the strategic partnership between the board and the bank will help develop a culture of cooperation in the future. He further informed that the board has been developing Management Information System (MIS) and website-based one-stop service (OSS) for the convenience of the investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Nabil Bank’s Vice Chairman Upendra Prasad Poudel praised the role of IBN in sustainable development of Nepal and urged the board to take into consideration the environmental and social aspects while developing projects in the future.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CEO of Nabil Bank Anil Keshari Shah said that the agreement between the bank and the board would help create plenty of opportunities for foreign investment in Nepal.</span></span></p> ', 'published' => true, 'created' => '2022-05-19', 'modified' => '2022-05-19', 'keywords' => '', 'description' => '', 'sortorder' => '15042', 'image' => '20220519041350_nabil2 - Copy.jpg', 'article_date' => '2022-05-19 16:13:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15277', 'article_category_id' => '279', 'title' => 'NEA gets Approval to Invest in Butwal-Gorakhpur Transmission Line ', 'sub_title' => '', 'summary' => 'May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the joint venture project between the NEA and the Indian Power Grid Corporation, a company will be established in India for the construction work in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has to manage Rs 736 million for the construction in the Indian side, which is 50 percent of the total investment. However, the NEA itself will have to bear the cost for the construction of transmission lines under the project towards the Nepal side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The double circuit transmission line will be around 120 kilometres between New Butwal substation at Sunawal Municipality-13 in Nawalparasi district and Gorakhpur substation in India. Of the area covered by the project, around 20 kilometres falls in the Nepali side and the remaining in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NEA Executive Director Kulman Ghishing said that the permission received by NEA for foreign investment has paved the way for establishing a company in India on joint venture for the development of this project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“An article of association and regulation are readied for the company establishment and the process of establishing the company will be moved ahead after obtaining a permit for investment from India,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the seventh meeting of a mechanism of Nepal-India energy secretaries and joint-secretaries on October 14, 2019 had finalized the investment model for the development of the transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The estimated cost of the project is Rs 7.039 billion and the final management will be ensured through 80 percent loan and 20 percent equity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preparation for bids is going on for the selection of a project development plan and the NEA intends to complete the project in three years of its commencement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA and Power Grid in August-September 2021 signed a Memorandum of Understanding for joint investment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on August 3 allowed the NEA for an investment of a 50 percent share in the construction of the transmission line segment towards India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal will construct the part of transmission line towards Nepal on its own while the part towards India will be constructed with the joint venture of NEA and Power Grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The transmission will have the capacity of supplying around 2,000 megawatt of electricity. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15019', 'image' => '20220516080848_Classification-of-Overhead-Transmission-lines-1.jpg', 'article_date' => '2022-05-16 08:08:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15249', 'article_category_id' => '279', 'title' => 'Nepali Embassy in New Delhi holds Interaction on Investment, Export, Banking and Remittance Services', 'sub_title' => '', 'summary' => 'May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking as the chief guest on the occasion, Nepal's ambassador-designate to India, Dr Shankar Prasad Sharma highlighted the robust economic ties between Nepal and India. Encouraging the Indian investors to make investments in Nepal, the Ambassador stated that, in addition to others, a moderate climate, geographical proximity and availability of the means of air and land transport, language and cultural similarity, and close working relations between Nepali and Indian nationals and duty-free and quota-free provisions for export in most products are favourable factors giving advantages for Indian investors to invest in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also emphasized for the enhanced political linkages as it is important for any investor and businessperson, the Nepali Embassy in New Delhi stated in a press release. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Regarding remittance, Ambassador Sharma encouraged everyone to use banking channel to remit their earnings as it is safe, secure, simple and transparent. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Ambassador Sharma requested the bank officials to facilitate the process for opening bank accounts to everyone by creating awareness campaign and putting information in websites as far as practicable. He assured the participants of every possible support from the Eebassy in this endeavor. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In his welcome address, Deputy Chief of Mission Ram Prasad Subedi highlighted the objectives of the programme. He called for the Nepali national working in India to remit their earnings through banking channel as it can help to sustain Nepali economy affected by the COVID-19 pandemic. He also highlighted the export trade and investment opportunity in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of the Everest Chamber of Commerce and Industries, New Delhi, and the Chairperson of the programme, Yubraj Baral, called for every member of the Nepali community to encourage Indian investors and businessperson to invest in Nepal as they have established good relations with them. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also requested the embassy for coordination and facilitation wherever it is needed. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Basu Dev Bhattarai, director of the Foreign Exchange Department of Nepal Rastra Bank spoke on the existing policies and practices for remittance, foreign investment and the limitation to carry cash amount by travelers from and to Nepal. He also briefed on how foreign currency is spent and gave an account of its current situation and reserves in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nohan Karki, General Secretary, Everest Chamber of Commerce and Industries made a presentation, highlighting on the objectives, programmes and activities of the association and shared that the people of Nepali origin in India have emotional attachment to Nepal and Nepali people and always wish for their progress and prosperity. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking on the occasion, the representative of Global IME, Bank, Kathmandu, </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swechchha Rana requested Nepali nationals to use banking channels for remitting their earnings. She informed the audience about the provisions and arrangements made by the bank in several countries to open up bank account for Nepali citizens while staying abroad. She also elaborated on the various facilities and incentives made by the bank, including high interest rate. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Representative of Everest Bank Limited Kathamdu, Nikhil Shrestha thanked the ambassador and the embassy of Nepal for hosting the event.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Chief of IME Bank Khilendra Paudel, underlined the difficulties faced by common Nepalis at border points. He mentioned that in absence of clear guidelines and regulations, at present, it is very difficult for an ordinary person to approach and get services from banks by himself/herself to remit money to Nepal. He requested facilitation on behalf of the government. -- RSS </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14990', 'image' => '20220511082151_1652173851.jpg', 'article_date' => '2022-05-11 08:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15237', 'article_category_id' => '279', 'title' => 'MCC Impact: More than Rs 100 Billion Financial Assistance in 2 Months ', 'sub_title' => '', 'summary' => 'May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The agreement to provide US$500 million (approx Rs 60 billion) in grants to Nepal under the MCC project was approved by the Parliament of Nepal on February 27. According to Shalikram Pokharel, advisor to the Ministry of Finance, aid agreements worth more than Rs 100 billion have been signed with the United States and other donor agencies since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The MCC has been instrumental in bringing in foreign aid. Other donors are excited after the MCC was approved,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement between the United States Agency for International Development (USAID) and the Ministry of Finance on a grant of about Rs 80 billion was signed on May 5, 2022. USAID is providing a grant of US$ 659 million (approx Rs 79.71 billion) to Nepal to be spent within five years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The US is providing this assistance to help Nepal in its efforts to become a middle-income country. This assistance will be mobilized in collaboration with the Government of Nepal, civil society and the private sector to achieve the Sustainable Development Goals of Nepal and for democratic governance as well as enterprise-focused economic growth. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The World Bank on May 4 agreed to provide a loan of US$150 million (approximately Rs 18 billion) to strengthen the financial sector of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This loan is in the process of implementation after finance secretary Madhu Kumar Marasini and Faris Hadad-Zervos, the World Bank’s country director for the Maldives, Nepal and Sri Lanka, signed the ‘Finance for Growth’ Development Policy to strengthen financial sector stability, diversify financial solutions and increase access to financial services in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the MoF, the support will help open up capital, insurance and disaster risk financial markets and promote the new financial services. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government is taking a concessional loan of Rs 18 billion from the International Development Association of World Bank Group. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-09', 'modified' => '2022-05-09', 'keywords' => '', 'description' => '', 'sortorder' => '14979', 'image' => '20220509020457_MCC.jpg', 'article_date' => '2022-05-09 14:04:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15194', 'article_category_id' => '279', 'title' => 'Foreign Investors Pledge Rs 33 Billion in 9 Months ', 'sub_title' => '', 'summary' => 'May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors are in the forefront among the investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, the Chinese businessmen account for 73.21 percent of the total foreign investment proposals. After China, Spain is the second largest investor. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that a total investment of Rs 33.37 billion has been proposed for the current fiscal year. China's share amounts to Rs 24.43 billion. Chinese investors have registered 121 establishments to invest in Nepal's agriculture and forestry sectors, as well as ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors have made the largest investment proposals in the service sector, along with tourism and manufacturing industries. China has proposed to invest Rs 12 billion in the service sector and Rs 9.45 billion in the tourism industry. According to the department, 7,472 people will get employment as per the investment proposed by China. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, Spain has proposed a foreign investment of around Rs 5 billion. Spain has proposed to invest only in the service sector, and has registered a service-oriented establishment with the department. The country plans to invest Rs 4.85 billion in the business. The Spanish investment will provide employment to 29 people. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After China and Spain, India has offered a lot of investment in manufacturing, service and tourism sectors. Indians have proposed a total investment of Rs 1.77 billion out of whic Rs 1.33 billion is to be invested in the service sector and Rs 390 million in the productive sector, according to the records of the department. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors from Singapore have also proposed to invest Rs 1 billion by registering a productive business. Although the investment proposals from the United States are less than these five countries, the area of investment is larger. In these nine months, American investors have registered nine establishments with an offer to invest Rs 400 million. These include ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Australia is the sixth largest investor in Nepal with an investment proposal of Rs 345 million. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data of the department has shown that there is a lot of attraction of foreign investors in the tourism and service sector of Nepal. Investors from some countries want to invest only in tourism and service sectors. In addition, investment proposals have come from France, Italy, Japan, South Korea, Switzerland, the Netherlands, Vietnam and the United Kingdom. Entrepreneurs from nine of these countries want to invest in tourism sector. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-01', 'modified' => '2022-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '14936', 'image' => '20220501010354_Foreign investment.jpg', 'article_date' => '2022-05-01 13:03:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21819', 'article_category_id' => '279', 'title' => 'Nepal Investment Summit 2024 Fails to Attract Investors', 'sub_title' => '', 'summary' => 'Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">HIMA BK</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Investment Board Nepal (IBN) had called for Expressions of Interest (EOI) twice for a dozen projects, but only two projects could garner investors’ interest. In response, the Board has undertaken a review of its current standards and procedures to improve future outcomes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The third edition of the summit was held in Kathmandu on April 28-29, focusing on the private sector and foreign direct investment to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven days after the conference, on May 10, the board issued a notice inviting EOI for the first time to attract investment in 12 of the projects featured at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After receiving no proposals, a second EOI was issued on June 1. The EOI periods were 45 days for energy projects and 35 days for non-energy projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board reported that domestic investors have submitted Letters of Intent (LOIs) for two of the twelve projects, but no LOIs were received from foreign investors. The board's expectation that foreign investors would express interest during the second call for Expressions of Interest (EOI) did not materialise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the board, Soaltee Shivkrim Pvt Ltd from Tahachal submitted a letter of intent for the Janaki Heritage Hotel and Cultural Village project, while Gansu-SS Landmark, Blue Bird Mall, Kathmandu, submitted a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Board spokesperson Pradyumna Prasad Upadhyay said that the evaluation of both LOIs is still pending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Nepali private sector has shown its interest in two projects,” Upadhyay said. “We will conduct a review, after the appointment of the new CEO, to understand why the remaining 10 projects failed to attract the foreign and domestic investors.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IBN has been without a CEO since Sushil Bhatta's term ended on August 2. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board will evaluate if adjusting the existing standards could attract investors, according to Spokesperson Upadhyay. “We might reissue EOIs after a review and assessment of the current situation.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It has been said that the employees at the board had done the homework for the evaluation and review of the matter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An official at the board, in condition of anonymity, informed that the board’s focus was limited on general aspects such as project feasibility and the availability of a Detailed Project Report (DPR) while calling for the EOIs and proposals for the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The limited information might have been insufficient to reassure investors," said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Radhesh Pant, former CEO of the IBN, said that the board might not have provided enough information about the projects to potential investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Investors will not be attracted merely by the information provided,” said Pant. “Changes in the government could also have caused investors to hesitate from making a decision.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the coalition of Nepali Congress and CPN (Maoist) led the government when the preparations were in full swing for the investment summit, the coalition of CPN (UML) and the Maoists had come to power when it was held.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Pant emphasised that attracting investors requires more than just general information, especially for large-scale projects that take years to complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Specific details such as availability of land, electricity, government taxes, and provisions on dividends need to be disclosed to draw in investors,” said Pant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government had sought letters of intent for a dozen projects aimed at boosting investment in reservoir hydropower projects, industrial areas, maternity hospitals, expressways, and conference centres. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Over 2,500, including more than 800 representatives of foreign firms, had participated in the summit which showcased a total of 154 projects. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21545', 'image' => '20240812073543_20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-08-12 19:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16528', 'article_category_id' => '279', 'title' => 'Nepal Receives Foreign Investment Commitment of Rs 5.89 Billion in 4 Months', 'sub_title' => '', 'summary' => 'December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year. According to the data released by the Department of Industry, foreign investment proposals worth Rs 5.89 billion for 43 companies have been approved between mid-July to mid-November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department, the investment commitment from mid-October to mid-November is more than the first three months of the current fiscal year. From mid-July to mid-October, investment worth Rs 2.24 billion was made for 19 industries. From mid-October to mid-November alone, foreign investment proposals worth Rs 3.65 billion was received for 24 industries. The department informed that one large, 10 medium and 19 small industries were registered in October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A total of 12 industries related to tourism, 10 service-oriented industries and one industry of infrastructure and information technology were registered in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">So far, 5,628 industries backed with foreign investment have been registered in Nepal, for which investment commitment worth Rs 430 billion has been pledged. The investment proposals submitted to the department states that 297,935 jobs will be created with the establishment of those industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The number of industries registered with the department include 323 large industries, 622 medium industries and 4,683 small industries. Similarly, the service sector has the highest number of industries (1,867), followed by tourism (1,855), manufacturing (1,269), agriculture (295), information technology (124), energy (91), mineral (72) and infrastructure (55).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the investment commitment for setting up industries in Nepal is increasing, the actual investment is very low in proportion to the commitment. After the foreign investment did not come in as promised, the Department of Industry started to tighten the business visa recommendation from November 4.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16269', 'image' => '20221214031714_Foreign investment.jpg', 'article_date' => '2022-12-14 15:16:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16500', 'article_category_id' => '279', 'title' => 'NIFRA, IFC Sign Agreement for Infrastructure Development ', 'sub_title' => '', 'summary' => 'Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. ', 'content' => '<p><br /> <span style="font-size:18px">December: Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. </span></p> <p><span style="font-size:18px">NIFRA’s Chief Executive Officer Ram Krishna Khatiwada and Thomas Lubeck Regional Manager, PPP Transaction Advisory Services, South Asia and East Asia Pacific at IFC - International Finance Corporation have signed the agreement. </span></p> <p><span style="font-size:18px">As per the agreement, IFC will provide technical and financial assistance to NIFRA to speed up infrastructure development based on private-public partnership in Nepal.<br /> Similarly, the IFC will collaborate with NIFRA to identify projects and conduct a primary evaluation and capacity development of the identified projects. </span></p> <p><span style="font-size:18px">NIFRA CEO Khatiwada said that the agreement would be a milestone to expedite Nepal’s infrastructure development. IFC’s representative Thomas Lubeck said that the collaboration with NIFRA would play a huge contribution to Nepal’s economy and infrastructure development.<br /> NIFRA was established with a motto to provide financial resources for infrastructure development based on public-private partnership. <br /> Since its inception, NIFRA has been investing in hydropower projects, tourism, hotels, and hospitals. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16241', 'image' => '20221211043300_collage (2).jpg', 'article_date' => '2022-12-11 16:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '15324', 'article_category_id' => '279', 'title' => 'Malaysia Reluctant to Invest in Nepal due to lack of Assurance of Return', 'sub_title' => 'Nepal Chamber of Commerce requests Malaysia to set up Industrial Village in Nepal', 'summary' => 'May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. The chamber made such a request under the concept of integrated investment in tourism, information technology and manufacturing during a meeting with the Charge d'Affaires of Malaysia to Nepal, Mohd Fadzle Abu Hassan, at Jamal-based building of the NCC in Kathmandu on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NCC Chairman Rajendra Malla said that they will take initiative for Malaysia's investment in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman Malla said, “There has been a high level of cooperation between Nepal and Malaysia in the field of labor. Malaysia has also become an excellent destination for Nepal in terms of remittance inflow. About 400,000 Nepali youth are employed in Malaysia. We urge the Malaysian government to invest in various other sectors of Nepal and also urge for labor cooperation.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that there should be a high level cooperation between the government bodies for enhancing the Nepal-Malaysia investment relations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, he mentioned that Malaysia could invest in sectors like tourism, hydropower, information technology and handicraft of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia's Charge d'Affaires to Nepal Hassan expressed his concerns saying that although they were ready for the investment, the law regarding assurance of return is not clear. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Lately, Malaysia has been increasing its investment in information technology in South Asian countries. We have no problem investing in Nepal. However, we are still unable to clarify the policy provisions regarding the returns,” said Hassan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that Malaysia currently provides employment to millions of Nepali youth, he said that this number may increase in the coming days. He said that Malaysia is ready to invest in Nepal in various fields including hydropower and tourism.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-24', 'modified' => '2022-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '15067', 'image' => '20220524092438_1653317337.jpg', 'article_date' => '2022-05-24 09:23:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15300', 'article_category_id' => '279', 'title' => 'Investment Board, Nabil Bank Sign MoU to Promote Foreign Investment', 'sub_title' => '', 'summary' => 'May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chief Executive Officer of IBN Sushil Bhatta and CEO of Nabil Bank Anil Keshari Shah signed the MoU on behalf of their respective organisations amid a programme on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, the two organisations have decided to give special emphasis to foreign direct investment (FDI) channeling and Sustainable Financing Opportunities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The MoU states that the Investment Board will coordinate and cooperate in attracting foreign investors to invest in Nepal by sharing information on prospective projects in the country and by organizing joint programmes to promote investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Addressing the signing ceremony at IBN’s office, CEO of the board Sushil Bhatta said that the strategic partnership between the board and the bank will help develop a culture of cooperation in the future. He further informed that the board has been developing Management Information System (MIS) and website-based one-stop service (OSS) for the convenience of the investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Nabil Bank’s Vice Chairman Upendra Prasad Poudel praised the role of IBN in sustainable development of Nepal and urged the board to take into consideration the environmental and social aspects while developing projects in the future.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CEO of Nabil Bank Anil Keshari Shah said that the agreement between the bank and the board would help create plenty of opportunities for foreign investment in Nepal.</span></span></p> ', 'published' => true, 'created' => '2022-05-19', 'modified' => '2022-05-19', 'keywords' => '', 'description' => '', 'sortorder' => '15042', 'image' => '20220519041350_nabil2 - Copy.jpg', 'article_date' => '2022-05-19 16:13:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15277', 'article_category_id' => '279', 'title' => 'NEA gets Approval to Invest in Butwal-Gorakhpur Transmission Line ', 'sub_title' => '', 'summary' => 'May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the joint venture project between the NEA and the Indian Power Grid Corporation, a company will be established in India for the construction work in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has to manage Rs 736 million for the construction in the Indian side, which is 50 percent of the total investment. However, the NEA itself will have to bear the cost for the construction of transmission lines under the project towards the Nepal side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The double circuit transmission line will be around 120 kilometres between New Butwal substation at Sunawal Municipality-13 in Nawalparasi district and Gorakhpur substation in India. Of the area covered by the project, around 20 kilometres falls in the Nepali side and the remaining in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NEA Executive Director Kulman Ghishing said that the permission received by NEA for foreign investment has paved the way for establishing a company in India on joint venture for the development of this project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“An article of association and regulation are readied for the company establishment and the process of establishing the company will be moved ahead after obtaining a permit for investment from India,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the seventh meeting of a mechanism of Nepal-India energy secretaries and joint-secretaries on October 14, 2019 had finalized the investment model for the development of the transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The estimated cost of the project is Rs 7.039 billion and the final management will be ensured through 80 percent loan and 20 percent equity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preparation for bids is going on for the selection of a project development plan and the NEA intends to complete the project in three years of its commencement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA and Power Grid in August-September 2021 signed a Memorandum of Understanding for joint investment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on August 3 allowed the NEA for an investment of a 50 percent share in the construction of the transmission line segment towards India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal will construct the part of transmission line towards Nepal on its own while the part towards India will be constructed with the joint venture of NEA and Power Grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The transmission will have the capacity of supplying around 2,000 megawatt of electricity. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15019', 'image' => '20220516080848_Classification-of-Overhead-Transmission-lines-1.jpg', 'article_date' => '2022-05-16 08:08:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15249', 'article_category_id' => '279', 'title' => 'Nepali Embassy in New Delhi holds Interaction on Investment, Export, Banking and Remittance Services', 'sub_title' => '', 'summary' => 'May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking as the chief guest on the occasion, Nepal's ambassador-designate to India, Dr Shankar Prasad Sharma highlighted the robust economic ties between Nepal and India. Encouraging the Indian investors to make investments in Nepal, the Ambassador stated that, in addition to others, a moderate climate, geographical proximity and availability of the means of air and land transport, language and cultural similarity, and close working relations between Nepali and Indian nationals and duty-free and quota-free provisions for export in most products are favourable factors giving advantages for Indian investors to invest in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also emphasized for the enhanced political linkages as it is important for any investor and businessperson, the Nepali Embassy in New Delhi stated in a press release. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Regarding remittance, Ambassador Sharma encouraged everyone to use banking channel to remit their earnings as it is safe, secure, simple and transparent. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Ambassador Sharma requested the bank officials to facilitate the process for opening bank accounts to everyone by creating awareness campaign and putting information in websites as far as practicable. He assured the participants of every possible support from the Eebassy in this endeavor. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In his welcome address, Deputy Chief of Mission Ram Prasad Subedi highlighted the objectives of the programme. He called for the Nepali national working in India to remit their earnings through banking channel as it can help to sustain Nepali economy affected by the COVID-19 pandemic. He also highlighted the export trade and investment opportunity in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of the Everest Chamber of Commerce and Industries, New Delhi, and the Chairperson of the programme, Yubraj Baral, called for every member of the Nepali community to encourage Indian investors and businessperson to invest in Nepal as they have established good relations with them. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also requested the embassy for coordination and facilitation wherever it is needed. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Basu Dev Bhattarai, director of the Foreign Exchange Department of Nepal Rastra Bank spoke on the existing policies and practices for remittance, foreign investment and the limitation to carry cash amount by travelers from and to Nepal. He also briefed on how foreign currency is spent and gave an account of its current situation and reserves in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nohan Karki, General Secretary, Everest Chamber of Commerce and Industries made a presentation, highlighting on the objectives, programmes and activities of the association and shared that the people of Nepali origin in India have emotional attachment to Nepal and Nepali people and always wish for their progress and prosperity. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking on the occasion, the representative of Global IME, Bank, Kathmandu, </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swechchha Rana requested Nepali nationals to use banking channels for remitting their earnings. She informed the audience about the provisions and arrangements made by the bank in several countries to open up bank account for Nepali citizens while staying abroad. She also elaborated on the various facilities and incentives made by the bank, including high interest rate. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Representative of Everest Bank Limited Kathamdu, Nikhil Shrestha thanked the ambassador and the embassy of Nepal for hosting the event.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Chief of IME Bank Khilendra Paudel, underlined the difficulties faced by common Nepalis at border points. He mentioned that in absence of clear guidelines and regulations, at present, it is very difficult for an ordinary person to approach and get services from banks by himself/herself to remit money to Nepal. He requested facilitation on behalf of the government. -- RSS </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14990', 'image' => '20220511082151_1652173851.jpg', 'article_date' => '2022-05-11 08:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15237', 'article_category_id' => '279', 'title' => 'MCC Impact: More than Rs 100 Billion Financial Assistance in 2 Months ', 'sub_title' => '', 'summary' => 'May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The agreement to provide US$500 million (approx Rs 60 billion) in grants to Nepal under the MCC project was approved by the Parliament of Nepal on February 27. According to Shalikram Pokharel, advisor to the Ministry of Finance, aid agreements worth more than Rs 100 billion have been signed with the United States and other donor agencies since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The MCC has been instrumental in bringing in foreign aid. Other donors are excited after the MCC was approved,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement between the United States Agency for International Development (USAID) and the Ministry of Finance on a grant of about Rs 80 billion was signed on May 5, 2022. USAID is providing a grant of US$ 659 million (approx Rs 79.71 billion) to Nepal to be spent within five years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The US is providing this assistance to help Nepal in its efforts to become a middle-income country. This assistance will be mobilized in collaboration with the Government of Nepal, civil society and the private sector to achieve the Sustainable Development Goals of Nepal and for democratic governance as well as enterprise-focused economic growth. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The World Bank on May 4 agreed to provide a loan of US$150 million (approximately Rs 18 billion) to strengthen the financial sector of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This loan is in the process of implementation after finance secretary Madhu Kumar Marasini and Faris Hadad-Zervos, the World Bank’s country director for the Maldives, Nepal and Sri Lanka, signed the ‘Finance for Growth’ Development Policy to strengthen financial sector stability, diversify financial solutions and increase access to financial services in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the MoF, the support will help open up capital, insurance and disaster risk financial markets and promote the new financial services. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government is taking a concessional loan of Rs 18 billion from the International Development Association of World Bank Group. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-09', 'modified' => '2022-05-09', 'keywords' => '', 'description' => '', 'sortorder' => '14979', 'image' => '20220509020457_MCC.jpg', 'article_date' => '2022-05-09 14:04:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15194', 'article_category_id' => '279', 'title' => 'Foreign Investors Pledge Rs 33 Billion in 9 Months ', 'sub_title' => '', 'summary' => 'May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors are in the forefront among the investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, the Chinese businessmen account for 73.21 percent of the total foreign investment proposals. After China, Spain is the second largest investor. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that a total investment of Rs 33.37 billion has been proposed for the current fiscal year. China's share amounts to Rs 24.43 billion. Chinese investors have registered 121 establishments to invest in Nepal's agriculture and forestry sectors, as well as ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors have made the largest investment proposals in the service sector, along with tourism and manufacturing industries. China has proposed to invest Rs 12 billion in the service sector and Rs 9.45 billion in the tourism industry. According to the department, 7,472 people will get employment as per the investment proposed by China. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, Spain has proposed a foreign investment of around Rs 5 billion. Spain has proposed to invest only in the service sector, and has registered a service-oriented establishment with the department. The country plans to invest Rs 4.85 billion in the business. The Spanish investment will provide employment to 29 people. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After China and Spain, India has offered a lot of investment in manufacturing, service and tourism sectors. Indians have proposed a total investment of Rs 1.77 billion out of whic Rs 1.33 billion is to be invested in the service sector and Rs 390 million in the productive sector, according to the records of the department. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors from Singapore have also proposed to invest Rs 1 billion by registering a productive business. Although the investment proposals from the United States are less than these five countries, the area of investment is larger. In these nine months, American investors have registered nine establishments with an offer to invest Rs 400 million. These include ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Australia is the sixth largest investor in Nepal with an investment proposal of Rs 345 million. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data of the department has shown that there is a lot of attraction of foreign investors in the tourism and service sector of Nepal. Investors from some countries want to invest only in tourism and service sectors. In addition, investment proposals have come from France, Italy, Japan, South Korea, Switzerland, the Netherlands, Vietnam and the United Kingdom. Entrepreneurs from nine of these countries want to invest in tourism sector. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-01', 'modified' => '2022-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '14936', 'image' => '20220501010354_Foreign investment.jpg', 'article_date' => '2022-05-01 13:03:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21819', 'article_category_id' => '279', 'title' => 'Nepal Investment Summit 2024 Fails to Attract Investors', 'sub_title' => '', 'summary' => 'Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">HIMA BK</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">KATHMANDU, August 12</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Despite the government's claim of success, the third edition of the Nepal Investment Summit (NIS) organised earlier this year has failed to attract interest from both domestic and foreign investors for the project it showcased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The Investment Board Nepal (IBN) had called for Expressions of Interest (EOI) twice for a dozen projects, but only two projects could garner investors’ interest. In response, the Board has undertaken a review of its current standards and procedures to improve future outcomes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The third edition of the summit was held in Kathmandu on April 28-29, focusing on the private sector and foreign direct investment to Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Eleven days after the conference, on May 10, the board issued a notice inviting EOI for the first time to attract investment in 12 of the projects featured at the summit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">After receiving no proposals, a second EOI was issued on June 1. The EOI periods were 45 days for energy projects and 35 days for non-energy projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board reported that domestic investors have submitted Letters of Intent (LOIs) for two of the twelve projects, but no LOIs were received from foreign investors. The board's expectation that foreign investors would express interest during the second call for Expressions of Interest (EOI) did not materialise.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">According to the board, Soaltee Shivkrim Pvt Ltd from Tahachal submitted a letter of intent for the Janaki Heritage Hotel and Cultural Village project, while Gansu-SS Landmark, Blue Bird Mall, Kathmandu, submitted a letter of intent for the Babarmahal Administrative Plaza Project.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Board spokesperson Pradyumna Prasad Upadhyay said that the evaluation of both LOIs is still pending.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Nepali private sector has shown its interest in two projects,” Upadhyay said. “We will conduct a review, after the appointment of the new CEO, to understand why the remaining 10 projects failed to attract the foreign and domestic investors.” </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">IBN has been without a CEO since Sushil Bhatta's term ended on August 2. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The board will evaluate if adjusting the existing standards could attract investors, according to Spokesperson Upadhyay. “We might reissue EOIs after a review and assessment of the current situation.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">It has been said that the employees at the board had done the homework for the evaluation and review of the matter.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">An official at the board, in condition of anonymity, informed that the board’s focus was limited on general aspects such as project feasibility and the availability of a Detailed Project Report (DPR) while calling for the EOIs and proposals for the projects.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“The limited information might have been insufficient to reassure investors," said the official.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Radhesh Pant, former CEO of the IBN, said that the board might not have provided enough information about the projects to potential investors.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Investors will not be attracted merely by the information provided,” said Pant. “Changes in the government could also have caused investors to hesitate from making a decision.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">While the coalition of Nepali Congress and CPN (Maoist) led the government when the preparations were in full swing for the investment summit, the coalition of CPN (UML) and the Maoists had come to power when it was held.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Pant emphasised that attracting investors requires more than just general information, especially for large-scale projects that take years to complete. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">“Specific details such as availability of land, electricity, government taxes, and provisions on dividends need to be disclosed to draw in investors,” said Pant.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">The government had sought letters of intent for a dozen projects aimed at boosting investment in reservoir hydropower projects, industrial areas, maternity hospitals, expressways, and conference centres. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Georgia","serif"">Over 2,500, including more than 800 representatives of foreign firms, had participated in the summit which showcased a total of 154 projects. </span></span></span></span></p> <p><br /> </p> ', 'published' => true, 'created' => '2024-08-12', 'modified' => '2024-08-12', 'keywords' => '', 'description' => '', 'sortorder' => '21545', 'image' => '20240812073543_20240714115541_20240128030807_20231212114012_20231126113943_20190307120527_Clipboard24.jpg', 'article_date' => '2024-08-12 19:34:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '16528', 'article_category_id' => '279', 'title' => 'Nepal Receives Foreign Investment Commitment of Rs 5.89 Billion in 4 Months', 'sub_title' => '', 'summary' => 'December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year.', 'content' => '<p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">December 14: Nepal received foreign investment commitment of around Rs 6 billion in the first four months of the current fiscal year. According to the data released by the Department of Industry, foreign investment proposals worth Rs 5.89 billion for 43 companies have been approved between mid-July to mid-November.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">According to the department, the investment commitment from mid-October to mid-November is more than the first three months of the current fiscal year. From mid-July to mid-October, investment worth Rs 2.24 billion was made for 19 industries. From mid-October to mid-November alone, foreign investment proposals worth Rs 3.65 billion was received for 24 industries. The department informed that one large, 10 medium and 19 small industries were registered in October.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">A total of 12 industries related to tourism, 10 service-oriented industries and one industry of infrastructure and information technology were registered in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">So far, 5,628 industries backed with foreign investment have been registered in Nepal, for which investment commitment worth Rs 430 billion has been pledged. The investment proposals submitted to the department states that 297,935 jobs will be created with the establishment of those industries.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">The number of industries registered with the department include 323 large industries, 622 medium industries and 4,683 small industries. Similarly, the service sector has the highest number of industries (1,867), followed by tourism (1,855), manufacturing (1,269), agriculture (295), information technology (124), energy (91), mineral (72) and infrastructure (55).</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif"">Although the investment commitment for setting up industries in Nepal is increasing, the actual investment is very low in proportion to the commitment. After the foreign investment did not come in as promised, the Department of Industry started to tighten the business visa recommendation from November 4.</span></span></p> <p><span style="font-size:18px"><span style="font-family:"Times New Roman","serif""> </span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-12-14', 'modified' => '2022-12-14', 'keywords' => '', 'description' => '', 'sortorder' => '16269', 'image' => '20221214031714_Foreign investment.jpg', 'article_date' => '2022-12-14 15:16:38', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '16500', 'article_category_id' => '279', 'title' => 'NIFRA, IFC Sign Agreement for Infrastructure Development ', 'sub_title' => '', 'summary' => 'Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. ', 'content' => '<p><br /> <span style="font-size:18px">December: Nepal Infrastructure Bank Limited (NIFRA) and International Finance Corporation (IFC) have signed an agreement for infrastructure development in Nepal. The two institutions signed the agreement to advance the infrastructure development projects based on public-private partnership. </span></p> <p><span style="font-size:18px">NIFRA’s Chief Executive Officer Ram Krishna Khatiwada and Thomas Lubeck Regional Manager, PPP Transaction Advisory Services, South Asia and East Asia Pacific at IFC - International Finance Corporation have signed the agreement. </span></p> <p><span style="font-size:18px">As per the agreement, IFC will provide technical and financial assistance to NIFRA to speed up infrastructure development based on private-public partnership in Nepal.<br /> Similarly, the IFC will collaborate with NIFRA to identify projects and conduct a primary evaluation and capacity development of the identified projects. </span></p> <p><span style="font-size:18px">NIFRA CEO Khatiwada said that the agreement would be a milestone to expedite Nepal’s infrastructure development. IFC’s representative Thomas Lubeck said that the collaboration with NIFRA would play a huge contribution to Nepal’s economy and infrastructure development.<br /> NIFRA was established with a motto to provide financial resources for infrastructure development based on public-private partnership. <br /> Since its inception, NIFRA has been investing in hydropower projects, tourism, hotels, and hospitals. </span><br /> </p> ', 'published' => true, 'created' => '2022-12-11', 'modified' => '2022-12-11', 'keywords' => '', 'description' => '', 'sortorder' => '16241', 'image' => '20221211043300_collage (2).jpg', 'article_date' => '2022-12-11 16:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '42' ) ), (int) 3 => array( 'Article' => array( 'id' => '15324', 'article_category_id' => '279', 'title' => 'Malaysia Reluctant to Invest in Nepal due to lack of Assurance of Return', 'sub_title' => 'Nepal Chamber of Commerce requests Malaysia to set up Industrial Village in Nepal', 'summary' => 'May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 24: Nepal Chamber of Commerce (NCC) has requested Malaysia to establish an industrial village in Nepal. The chamber made such a request under the concept of integrated investment in tourism, information technology and manufacturing during a meeting with the Charge d'Affaires of Malaysia to Nepal, Mohd Fadzle Abu Hassan, at Jamal-based building of the NCC in Kathmandu on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NCC Chairman Rajendra Malla said that they will take initiative for Malaysia's investment in Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chairman Malla said, “There has been a high level of cooperation between Nepal and Malaysia in the field of labor. Malaysia has also become an excellent destination for Nepal in terms of remittance inflow. About 400,000 Nepali youth are employed in Malaysia. We urge the Malaysian government to invest in various other sectors of Nepal and also urge for labor cooperation.”</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He said that there should be a high level cooperation between the government bodies for enhancing the Nepal-Malaysia investment relations. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the occasion, he mentioned that Malaysia could invest in sectors like tourism, hydropower, information technology and handicraft of Nepal.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Malaysia's Charge d'Affaires to Nepal Hassan expressed his concerns saying that although they were ready for the investment, the law regarding assurance of return is not clear. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">“Lately, Malaysia has been increasing its investment in information technology in South Asian countries. We have no problem investing in Nepal. However, we are still unable to clarify the policy provisions regarding the returns,” said Hassan.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Stating that Malaysia currently provides employment to millions of Nepali youth, he said that this number may increase in the coming days. He said that Malaysia is ready to invest in Nepal in various fields including hydropower and tourism.</span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-05-24', 'modified' => '2022-05-24', 'keywords' => '', 'description' => '', 'sortorder' => '15067', 'image' => '20220524092438_1653317337.jpg', 'article_date' => '2022-05-24 09:23:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15300', 'article_category_id' => '279', 'title' => 'Investment Board, Nabil Bank Sign MoU to Promote Foreign Investment', 'sub_title' => '', 'summary' => 'May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 19: The Investment Board Nepal (IBN) has signed a Memorandum of Understanding (MoU) with Nabil Bank in order to promote foreign investment and business partnership in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Chief Executive Officer of IBN Sushil Bhatta and CEO of Nabil Bank Anil Keshari Shah signed the MoU on behalf of their respective organisations amid a programme on Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">As per the agreement, the two organisations have decided to give special emphasis to foreign direct investment (FDI) channeling and Sustainable Financing Opportunities.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The MoU states that the Investment Board will coordinate and cooperate in attracting foreign investors to invest in Nepal by sharing information on prospective projects in the country and by organizing joint programmes to promote investment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Addressing the signing ceremony at IBN’s office, CEO of the board Sushil Bhatta said that the strategic partnership between the board and the bank will help develop a culture of cooperation in the future. He further informed that the board has been developing Management Information System (MIS) and website-based one-stop service (OSS) for the convenience of the investors.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, Nabil Bank’s Vice Chairman Upendra Prasad Poudel praised the role of IBN in sustainable development of Nepal and urged the board to take into consideration the environmental and social aspects while developing projects in the future.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Meanwhile, CEO of Nabil Bank Anil Keshari Shah said that the agreement between the bank and the board would help create plenty of opportunities for foreign investment in Nepal.</span></span></p> ', 'published' => true, 'created' => '2022-05-19', 'modified' => '2022-05-19', 'keywords' => '', 'description' => '', 'sortorder' => '15042', 'image' => '20220519041350_nabil2 - Copy.jpg', 'article_date' => '2022-05-19 16:13:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15282', 'article_category_id' => '279', 'title' => 'Nepal, India sign MoU to Construct Arun-4 Hydropower Project ', 'sub_title' => '', 'summary' => 'May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">May 16: The governments of Nepal and India have signed a Memorandum of Understanding (MoU) for the construction of the proposed 490.2 megawatts Arun-4 hydropower project. Such a deal was signed during the official visit of Indian Prime Minister Narendra Modi to Lumbini on the occasion of the Buddha Jayanti Festival.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Indian PM arrived in Lumbini on Monday morning at the invitation of Prime Minister Sher Bahadur Deuba. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Executive Director of Nepal Electricity Authority (NEA), Kulman Ghising and Nanda Lal Sharma, chairperson and operation manager of Satluj Jal Vidyut Nigam, an Indian hydropower company, signed the MoU for the construction of the joint venture semi-reservoir based hydropower project on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The signing ceremony took place in the presence of Prime Minister Deuba and his visiting Indian counterpart Narendra Modi. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The two countries had reached an agreement to construct the Arun-4 hydropower project during PM Deuba’s state visit to India in the first week of April.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the state-owned national news agency RSS, NEA has a share of 49 percent investment and the Satluj Jal Vidyut Nigam 51 percent in the Sankhwasabha-based Arun-III hydropower project estimated to cost around Rs 79.1 billion.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal will get 21.9 percent electricity from the project free of cost every month. Nepal reserves the right to purchase electricity generated from the project if it can afford to consume it. Only then, the surplus power generated from the project will be sold elsewhere to India or Bangladesh, RSS reported. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The project has the capacity of generating 2.1 billion units of electricity annually. (With inputs from RSS) </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15024', 'image' => '20220516060214_RS_KTM-20220516_144449.jpg', 'article_date' => '2022-05-16 18:01:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15277', 'article_category_id' => '279', 'title' => 'NEA gets Approval to Invest in Butwal-Gorakhpur Transmission Line ', 'sub_title' => '', 'summary' => 'May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">May 16: The process to construct the proposed 400 kV new Butwal-Gorakhpur second transnational transmission line between Nepal and India has moved forward after Nepal Electricity Authority (NEA) got approval for foreign investment in the project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Under the joint venture project between the NEA and the Indian Power Grid Corporation, a company will be established in India for the construction work in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA has to manage Rs 736 million for the construction in the Indian side, which is 50 percent of the total investment. However, the NEA itself will have to bear the cost for the construction of transmission lines under the project towards the Nepal side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The double circuit transmission line will be around 120 kilometres between New Butwal substation at Sunawal Municipality-13 in Nawalparasi district and Gorakhpur substation in India. Of the area covered by the project, around 20 kilometres falls in the Nepali side and the remaining in the Indian side. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NEA Executive Director Kulman Ghishing said that the permission received by NEA for foreign investment has paved the way for establishing a company in India on joint venture for the development of this project. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">“An article of association and regulation are readied for the company establishment and the process of establishing the company will be moved ahead after obtaining a permit for investment from India,” he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It may be noted that the seventh meeting of a mechanism of Nepal-India energy secretaries and joint-secretaries on October 14, 2019 had finalized the investment model for the development of the transmission line. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The estimated cost of the project is Rs 7.039 billion and the final management will be ensured through 80 percent loan and 20 percent equity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Preparation for bids is going on for the selection of a project development plan and the NEA intends to complete the project in three years of its commencement. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The NEA and Power Grid in August-September 2021 signed a Memorandum of Understanding for joint investment. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The cabinet meeting on August 3 allowed the NEA for an investment of a 50 percent share in the construction of the transmission line segment towards India. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Nepal will construct the part of transmission line towards Nepal on its own while the part towards India will be constructed with the joint venture of NEA and Power Grid. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The transmission will have the capacity of supplying around 2,000 megawatt of electricity. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2022-05-16', 'modified' => '2022-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '15019', 'image' => '20220516080848_Classification-of-Overhead-Transmission-lines-1.jpg', 'article_date' => '2022-05-16 08:08:05', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15249', 'article_category_id' => '279', 'title' => 'Nepali Embassy in New Delhi holds Interaction on Investment, Export, Banking and Remittance Services', 'sub_title' => '', 'summary' => 'May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">May 11: The Embassy of Nepal in New Delhi organized an interaction programme on 'Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal' in collaboration with the Everest Chamber of Commerce and Industries in the Indian capital on Sunday. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking as the chief guest on the occasion, Nepal's ambassador-designate to India, Dr Shankar Prasad Sharma highlighted the robust economic ties between Nepal and India. Encouraging the Indian investors to make investments in Nepal, the Ambassador stated that, in addition to others, a moderate climate, geographical proximity and availability of the means of air and land transport, language and cultural similarity, and close working relations between Nepali and Indian nationals and duty-free and quota-free provisions for export in most products are favourable factors giving advantages for Indian investors to invest in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also emphasized for the enhanced political linkages as it is important for any investor and businessperson, the Nepali Embassy in New Delhi stated in a press release. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Regarding remittance, Ambassador Sharma encouraged everyone to use banking channel to remit their earnings as it is safe, secure, simple and transparent. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Ambassador Sharma requested the bank officials to facilitate the process for opening bank accounts to everyone by creating awareness campaign and putting information in websites as far as practicable. He assured the participants of every possible support from the Eebassy in this endeavor. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In his welcome address, Deputy Chief of Mission Ram Prasad Subedi highlighted the objectives of the programme. He called for the Nepali national working in India to remit their earnings through banking channel as it can help to sustain Nepali economy affected by the COVID-19 pandemic. He also highlighted the export trade and investment opportunity in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">President of the Everest Chamber of Commerce and Industries, New Delhi, and the Chairperson of the programme, Yubraj Baral, called for every member of the Nepali community to encourage Indian investors and businessperson to invest in Nepal as they have established good relations with them. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">He also requested the embassy for coordination and facilitation wherever it is needed. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Basu Dev Bhattarai, director of the Foreign Exchange Department of Nepal Rastra Bank spoke on the existing policies and practices for remittance, foreign investment and the limitation to carry cash amount by travelers from and to Nepal. He also briefed on how foreign currency is spent and gave an account of its current situation and reserves in Nepal. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nohan Karki, General Secretary, Everest Chamber of Commerce and Industries made a presentation, highlighting on the objectives, programmes and activities of the association and shared that the people of Nepali origin in India have emotional attachment to Nepal and Nepali people and always wish for their progress and prosperity. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speaking on the occasion, the representative of Global IME, Bank, Kathmandu, </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Swechchha Rana requested Nepali nationals to use banking channels for remitting their earnings. She informed the audience about the provisions and arrangements made by the bank in several countries to open up bank account for Nepali citizens while staying abroad. She also elaborated on the various facilities and incentives made by the bank, including high interest rate. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Representative of Everest Bank Limited Kathamdu, Nikhil Shrestha thanked the ambassador and the embassy of Nepal for hosting the event.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Executive Chief of IME Bank Khilendra Paudel, underlined the difficulties faced by common Nepalis at border points. He mentioned that in absence of clear guidelines and regulations, at present, it is very difficult for an ordinary person to approach and get services from banks by himself/herself to remit money to Nepal. He requested facilitation on behalf of the government. -- RSS </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> ', 'published' => true, 'created' => '2022-05-11', 'modified' => '2022-05-11', 'keywords' => '', 'description' => '', 'sortorder' => '14990', 'image' => '20220511082151_1652173851.jpg', 'article_date' => '2022-05-11 08:21:06', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15237', 'article_category_id' => '279', 'title' => 'MCC Impact: More than Rs 100 Billion Financial Assistance in 2 Months ', 'sub_title' => '', 'summary' => 'May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">May 9: The impact of the US-funded project Millennium Challenge Corporation (MCC) has been felt as soon as the House of Representatives endorsed it amid differences among political parties. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The agreement to provide US$500 million (approx Rs 60 billion) in grants to Nepal under the MCC project was approved by the Parliament of Nepal on February 27. According to Shalikram Pokharel, advisor to the Ministry of Finance, aid agreements worth more than Rs 100 billion have been signed with the United States and other donor agencies since then. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">“The MCC has been instrumental in bringing in foreign aid. Other donors are excited after the MCC was approved,” he said. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">An agreement between the United States Agency for International Development (USAID) and the Ministry of Finance on a grant of about Rs 80 billion was signed on May 5, 2022. USAID is providing a grant of US$ 659 million (approx Rs 79.71 billion) to Nepal to be spent within five years. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The US is providing this assistance to help Nepal in its efforts to become a middle-income country. This assistance will be mobilized in collaboration with the Government of Nepal, civil society and the private sector to achieve the Sustainable Development Goals of Nepal and for democratic governance as well as enterprise-focused economic growth. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The World Bank on May 4 agreed to provide a loan of US$150 million (approximately Rs 18 billion) to strengthen the financial sector of Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This loan is in the process of implementation after finance secretary Madhu Kumar Marasini and Faris Hadad-Zervos, the World Bank’s country director for the Maldives, Nepal and Sri Lanka, signed the ‘Finance for Growth’ Development Policy to strengthen financial sector stability, diversify financial solutions and increase access to financial services in Nepal. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">According to the MoF, the support will help open up capital, insurance and disaster risk financial markets and promote the new financial services. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Similarly, the government is taking a concessional loan of Rs 18 billion from the International Development Association of World Bank Group. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-09', 'modified' => '2022-05-09', 'keywords' => '', 'description' => '', 'sortorder' => '14979', 'image' => '20220509020457_MCC.jpg', 'article_date' => '2022-05-09 14:04:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15233', 'article_category_id' => '279', 'title' => 'IMF says Nepal’s Economic Activities have Strengthened, Inflation Increased', 'sub_title' => '', 'summary' => 'May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.', 'content' => '<p>May 8: At a time when the Government of Nepal has banned imports of luxury goods in order to maintain the Balance of Payments (BoP) and declining foreign exchange reserves, the International Monetary Fund (IMF) has suggested the government to address the issue through monetary policy.</p> <p>The IMF made such suggestion after its team led by Robert Gregory visited Kathmandu from April 24 to May 2 to conduct discussions on the first review under Nepal’s Extended Credit Facility (ECF) with the IMF. </p> <p>Following the visit of Gregory’s team, IMF issued a statement on May 4 saying that economic activities has strengthened in Nepal against the background of declining Covid-19 cases and a very successful public vaccination drive.</p> <p>According to the IMF, reopening of the economy reflected rapid credit growth, a gradual recovery in tourism and sustained remittances.</p> <p>“Inflation has however increased, and imports have continued to rise rapidly, with existing imbalances exacerbated by the impact of the war in Ukraine on commodity prices, raising the cost of oil imports in particular,” the statement said adding, “Although they currently remain adequate, international reserves have declined more than anticipated when the ECF was approved.”</p> <p>The team welcomed the authorities’ determination to take measures to address decreasing international reserves and higher inflation. The increase in policy rates implemented in February was a welcome first step towards unwinding the current accommodative monetary policy stance. The team emphasized the need to further tighten monetary policy, including by increasing interest rates.</p> <p>“Taken together with the gradual unwinding of COVID support measures in the banking system, this approach is expected to address decreasing international reserves without the need to resort to import restrictions that could exacerbate inflation and hamper economic growth,” the statement added.</p> <p>The team also discussed the need for a prudent FY2023 budget, consistent with that envisaged under the IMF-supported programme. “Taken together with a tighter monetary policy, this policy mix would help address inflationary pressures and growing external imbalances, while safeguarding the economic recovery and debt sustainability.”</p> <p>IMF said discussions will continue in the coming weeks towards reaching a staff-level agreement for the IMF Executive Board's consideration of the first review under the ECF.</p> <p>According to the IMF, the Extended Credit Facility (ECF) provides financial assistance to countries with protracted Balance of Payments problems. It supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.</p> ', 'published' => true, 'created' => '2022-05-08', 'modified' => '2022-05-08', 'keywords' => '', 'description' => '', 'sortorder' => '14975', 'image' => '20220508054512_iiii.jpg', 'article_date' => '2022-05-08 17:43:04', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15194', 'article_category_id' => '279', 'title' => 'Foreign Investors Pledge Rs 33 Billion in 9 Months ', 'sub_title' => '', 'summary' => 'May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. ', 'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">May 1: Investors from 14 countries have registered industries in Nepal in the first nine months of the current fiscal year (FY). Compared to last fiscal year, the foreign investment proposal has improved this year. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors are in the forefront among the investors.</span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">According to the Department of Industry, the Chinese businessmen account for 73.21 percent of the total foreign investment proposals. After China, Spain is the second largest investor. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The department informed that a total investment of Rs 33.37 billion has been proposed for the current fiscal year. China's share amounts to Rs 24.43 billion. Chinese investors have registered 121 establishments to invest in Nepal's agriculture and forestry sectors, as well as ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Chinese investors have made the largest investment proposals in the service sector, along with tourism and manufacturing industries. China has proposed to invest Rs 12 billion in the service sector and Rs 9.45 billion in the tourism industry. According to the department, 7,472 people will get employment as per the investment proposed by China. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Meanwhile, Spain has proposed a foreign investment of around Rs 5 billion. Spain has proposed to invest only in the service sector, and has registered a service-oriented establishment with the department. The country plans to invest Rs 4.85 billion in the business. The Spanish investment will provide employment to 29 people. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">After China and Spain, India has offered a lot of investment in manufacturing, service and tourism sectors. Indians have proposed a total investment of Rs 1.77 billion out of whic Rs 1.33 billion is to be invested in the service sector and Rs 390 million in the productive sector, according to the records of the department. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Investors from Singapore have also proposed to invest Rs 1 billion by registering a productive business. Although the investment proposals from the United States are less than these five countries, the area of investment is larger. In these nine months, American investors have registered nine establishments with an offer to invest Rs 400 million. These include ICT, manufacturing, service and tourism sectors. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">Australia is the sixth largest investor in Nepal with an investment proposal of Rs 345 million. </span></span></p> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif"">The data of the department has shown that there is a lot of attraction of foreign investors in the tourism and service sector of Nepal. Investors from some countries want to invest only in tourism and service sectors. In addition, investment proposals have come from France, Italy, Japan, South Korea, Switzerland, the Netherlands, Vietnam and the United Kingdom. Entrepreneurs from nine of these countries want to invest in tourism sector. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-05-01', 'modified' => '2022-05-02', 'keywords' => '', 'description' => '', 'sortorder' => '14936', 'image' => '20220501010354_Foreign investment.jpg', 'article_date' => '2022-05-01 13:03:07', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
