April 14:  The government has given approval to invest Rs 167 billion in five hydropower projects in the country. The amount includes Rs 146 billion in foreign investment and Rs 21.37 billion in domestic investment. The decision was taken at the 53rd meeting of the Investment Board Nepal (IBN) on Thursday.

The meeting approved the investment of Rs 92.68 billion for the Lower Arun Hydropower Project and formed a negotiating committee under the coordination of CEO of the board to negotiate with the developer, prepare the project development agreement document and submit it to the board.

Similarly, Rs 33.19 billion investment has been approved for the 102 MW Upper Marsyangdi-1 Hydropower Project, Rs 20.35 billion for the 70 MW Dudhkoshi-2 (Jaleshwor) Hydropower Project, Rs 13.44 billion for the 70.3 MW Simbuwa Khola Hydropower Project and Rs 7.93 billion for 43 MW Upper Madi-0 Khola Hydropower.

The board has informed that the proposal submitted by Renicola Holdings SDN BHD of Malaysia to study the production of green calcium ammonium nitrate fertilizer has been approved as well.

The meeting also instructed stakeholders to prepare a detailed feasibility study report in accordance with the provisions of the MoU signed with NHPC Limited, India for the development of West Seti and Seti River-6 hydropower projects in line with the decision of the Council of Ministers.

The board meeting approved the concept paper of the investment conference to be held in 2080 and gave the responsibility of the conference preparation to the office of the investment board.

Prime Minister Pushpa Kamal Dahal, who is also the chairman of the board, instructed the concerned agencies to coordinate and cooperate effectively and work so that the results are visible. He directed the relevant ministries and agencies to work together in this regard, saying that the cost of the projects is increasing due to delay in completion of the work on time.