KATHMANDU, September 14: Prime Minister Sher Bahadur Deuba has said that Nepal will be upgraded to a developing nation by 2026. Addressing the Investment Board's Sustainable Infrastructure Investment Forum on Wednesday, Prime Minister Deuba said that by 2026, the country will be upgraded to a developing nation by infrastructure and economic development.
He said that the current government is working according to the 15th five-year plan by giving priority to infrastructure development. Prime Minister Deuba said that there is a national policy and plan to reduce carbon emissions to zero by 2045. He said that 19 billion dollars will be needed to meet the sustainable development goals. Prime Minister Deuba pointed out that there is a need for the support of the private sector and foreign investors to meet the goals.
He said that the private sector has an important role in infrastructure development in the country and requested an increased investment. He said that there is a situation where large investments can be made under the public-private partnership model in Nepal. Prime Minister Deuba said that the Investment Board has approved plans worth nine billion dollars for 33 projects, of which 20 are large hydropower projects.
He said, "The government has prioritized infrastructure development as per the 15th five-year plan. The government has made a national policy to reduce carbon emissions to zero by 2045. Due to the covid pandemic, 19 billion dollars are needed to meet the sustainable development goals. There is a plan to upgrade Nepal to a developing nation by 2026 and improve its economic development. Private sector investment is important to develop infrastructure in the country, and foreign investment is also necessary, so everyone is urged to invest. A large investment can be made in the public private partnership model in Nepal. The investment board will facilitate the investors to invest in various sectors. The investment board has approved funds worth nine billion dollars for 33 projects out of which 20 are large hydropower projects.”
In the Investment Board Sustainable Infrastructure Investment Forum, Nepal has issued guidelines for establishing a project bank which is considered essential to attract domestic and foreign private investment. Three years ago, the Public Private Partnership and Investment Act (PPPIA) envisaged the establishment of a project development bank to attract quality investment.
But even for three years, the directory was not made. The project bank will assist in creating pipeline projects with guaranteed bankable infrastructure, domestic direct investment (DDI) and foreign direct investment (FDI). The board has honored organizations and individuals who have helped bring in foreign investment.