Board approves hydel projects

KATHMANDU, MAY 15:

The Industrial Promotion Board has approved upgradation and capital increment of some hydropower projects with conditions.

The board meeting today also directed the concerned authorities to form committees for detailed studies before forming a policy on cooperatives, and Foreign Investment and Technology Transfer, besides the gutkha industry.

“The board approved upgradation and capital

increment of Kabeli ‘A’ Hydropower Project (37.5 MW) — that is estimated to cost $92 million — and Balefi Hydropower, apart from approving Himal Hydro’s request to invite foreign investment and loan agreement of Sino-Hydro from China Exim Bank,” according to a source.

The meeting also asked the concerned departments to form committees before bringing a policy on cooperatives that has lately been in the news for all the wrong reasons, gutkha industry that has been banned in India lately and is waiting for a policy to enter Nepal, and Foreign Investment and Technology Transfer Act to promote foreign direct investment in the country, the source said, adding that the board has been working on to create an investment friendly policy that will help boost manufacturing growth in the country.

The country has been witnessing a slowdown in manufacturing growth due to continued power shortage, labour problems and strikes, but the board’s decision today will help generate electricity for industries, according to the source, who expects the policy clarity to encourage investors.

Source: THT