KATHMANDU, Dec 30: The decision of Investment Board to bring investment equivalent to Rs 65 billion for the Upper Trishuli-1 Hydropower Project has paved the way for welcoming foreign investment for the project.
The Sunday's meeting of the Board which is headed by the Prime Minister came up with this decision. Project promoter Nepal Water and Energy Development Company is preparing to request the Nepal Rastra Bank for final approval for the foreign investment.
Foreign investment commitments decrease by over Rs 21 billion
The 216-megawatt project is to be implemented on direct foreign investment. As per the provision, the Board's permission is required for accepting foreign investment in any project worth over Rs two billion.
Nepal Water and Energy Development Company's general manager Giriraj Adhikari said they would immediately visit the central bank for further process once they received the formal information about the Board's decision.
The project owns 70 percent loan from several nine international banks and finances. It has been already agreed that banks and finances will invest a total Rs 51 billion in the total Rs 65 billion (estimated cost) project. ---
