CEO Bhatta briefs Prime Minister Oli on successful completion of Investment Board’s strategic goals

KATHMANDU: The Chief Executive Officer of the Investment Board, Mr. Sushil Bhatta, presented the performance report for the fiscal year 2080-81 BS to the Prime Minister and Chairman of the Investment Board, KP Sharma Oli on Thursday.

In accordance with Rule 8 of the Public-Private Partnership and Investment Regulations, 2077, a performance contract was signed on 19th Shrawan 2080 between the Prime Minister and the CEO. The contract detailed 60 activities under the four strategic pillars of the board’s strategic plan for FY 2080-81.

The report highlighted the completion of all specified indicators and tasks under the pillars: Project Development and Management, Investment Promotion, Institutional Development, and Coordination, Cooperation, and Partnership.

During this period, NPR 271.26 billion in investment was approved for nine projects. Effective coordination by the Investment Board led to 75% completion of the generation side of the Arun Third Hydropower Project following the headrace tunnel breakthrough on 22nd Jestha 2081. Additionally, 38.21% progress was made on the transmission line construction.

Land acquisition for the Lower Arun Hydropower Project has begun, and construction work on the Upper Trishuli-1 Hydropower Project is progressing rapidly. Draft agreements for the Upper Marsyangdi-2 Hydropower Project, the 250 MW solar energy projects in Kohalpur and Banganga, and the Damak Clean Industrial Park are in discussion. The investment agreement draft for Dabur Nepal’s Capacity Enhancement and Product Diversification Project is also in negotiation.

DIAG Industries GmgH, Germany completed a preliminary feasibility study for a chemical fertilizer plant, and the detailed project report for the Birethanti-Muktinath cable car project is under evaluation. The environmental impact assessment report for this project has been submitted to the Ministry of Forests and Environment. The draft detailed project report for the West Seti Hydropower Project has been submitted, and a task force is being formed to review it.

To improve project development and facilitation, various Standard Operating Procedures and project coordination committees have been formed. A Project Monitoring Unit (PMU) Dashboard/Project Monitoring Tool has been operationalized for digital project monitoring, and systems and processes have been automated for better service delivery.

The Investment Board’s office played a key role as the secretariat for the third Nepal Investment Summit, organized by the Nepal Government. Over a dozen pre-investment seminars, roadshows, and bilateral and multilateral meetings were organized in collaboration with Nepal’s diplomatic missions abroad, foreign diplomatic missions in Nepal, development partners, investment promotion agencies, and the non-resident Nepali community.

Promotional materials, including nine sectoral profiles, 152 project factsheets, and various promotional videos, were published and broadcasted. The summit showcased 152 projects, including 12 under the Investment Board’s jurisdiction. Two projects received expressions of interest, and the evaluation process is ongoing.

For institutional development, the CEO-led committee submitted an amendment draft to the Public-Private Partnership and Investment Act, 2075.

The Facilitation of Investment Act, 2081 provided the board with functional autonomy in human resource management, improving institutional memory and performance. A draft of the Public-Private Partnership Policy, 2081 was also prepared.

Prime Minister KP Sharma Oli praised the achievements of the Investment Board, emphasizing the importance of public-private partnerships in infrastructure development. He stressed the need to continue improving the investment environment to attract domestic and foreign private investments and mentioned developing the board into a center of excellence for public-private partnerships.

CEO Bhatta briefed the Prime Minister on the progress in project development, investment promotion, institutional strengthening, issues encountered during implementation, and the future outlook.