IBN shortlists proposals for 14 projects worth $11.88 billion showcased in Investment Summit

Published On: January 4, 2020 01:08 PM NPT By: Republica | @RepublicaNepal

36 projects showcased in the summit still do not find investors

KATHMANDU, Jan 4: The Investment Board of Nepal (IBN) has said that it has completed prequalification process of 14 out of a total of 50 projects showcased during the Nepal Investment Summit 2019 held in March.

Organizing a press meet on Friday to update the progress about the projects showcased in the summit, the IBN said that it has already completed the evaluation of the proposals it received for 14 projects worth $11.89 billion and shortlisted the eligible investors for those projects.

These projects include Kathmandu Outer Ring Road Project with a proposed cost of $1.87 billion, Lower Arun Hydro Power Project ($1.3 billion) and Nijgadh International Airport ($3.45 billion), among others.

The applications for remaining 16 projects were not qualified during the evaluation process, according to the IBN. Similarly, there were no applications at all for the 20 projects.

Maha Prasad Adhikari, the IBN CEO, said that the progress toward the realization of the investment commitment made during the showcased as well as unsolicited projects was 'encouraging'.

“The completion of pre-qualification and short-listing of proposals in last nine months after the completion of the summit is significant,” said Adhikari. “The investment totaling nearly Rs 118.8 billion in the 14 showcased projects is huge. If these moved ahead in line with our plan, they mean a lot for our energy, industry, transportation and agriculture sectors,” he said.

He also said that those projects which did not draw any eligible applicants will be still in the 'project list' of the IBN. “These projects will continue to remain on our list. If any interested investor comes to get the project, we will remain open to provide them. Or, we may call for the prospective investors to get the letter of intent,” he added.

Meanwhile, the IBN also said that there has been a 'significant progress' in the implementation of unsolicited proposals received before, during and after the summit. According to the IBN, it has received unsolicited proposals for 15 projects. Feasibility studies of 10 projects are underway, said IBN officials.

Among them, the IBN has already signed a memorandum of understanding (MoU) with a Chinese developer to construct $586.09 million China Nepal Friendship Industrial Park in Damak while it has already initialized project investment agreement with a South Korean firm, Motrex Co Ltd, for setting up a vehicle manufacturing and assembly plant in Nepal with an investment of $105.4 million. Similarly, the screening report has been prepared for Kathmandu Sky Train Project ($310 million) and Integrated National Agriculture Infrastructure ($70 million), according to the IBN.