Cabinet passes article of association
KATHMANDU, JUL 07 -
The Cabinet on Wednesday endorsed the article of association of the Hydropower Development and Investment Company. The meeting also decided to invest Rs 5 billion for the establishment of the company.
According to the government’s policies and programmes unveiled on Sunday, the company will be established and brought into operation to ensure investment in the hydropower sector.
The government had decided to set up such a company on June 5 to make funds available for large hydel projects and sought capital investments amounting to Rs 27 billion from three ministries and four institutional investors. The proposed paid-up capital of the company stands at Rs 30 billion.
The Finance Ministry wrote to Nepal Telecom (NT), Employees’ Provident Fund (EPF), Rastriya Beema Sansthan (RBS) and Citizens Investment Trust (CIT) seeking their investment commitment of Rs 9 billion for the proposed financial institution.
Source:
The Cabinet on Wednesday endorsed the article of association of the Hydropower Development and Investment Company. The meeting also decided to invest Rs 5 billion for the establishment of the company.
According to the government’s policies and programmes unveiled on Sunday, the company will be established and brought into operation to ensure investment in the hydropower sector.
The government had decided to set up such a company on June 5 to make funds available for large hydel projects and sought capital investments amounting to Rs 27 billion from three ministries and four institutional investors. The proposed paid-up capital of the company stands at Rs 30 billion.
The Finance Ministry wrote to Nepal Telecom (NT), Employees’ Provident Fund (EPF), Rastriya Beema Sansthan (RBS) and Citizens Investment Trust (CIT) seeking their investment commitment of Rs 9 billion for the proposed financial institution.
Source:
