Non-resident Nepalis (NRNs) who gathered for a regional meeting in Sydney have announced that they would invest in a 100 MW hydroelectric project in Nepal very soon. The plan has received an enthusiastic response from NRNs across the globe, and an initial fund of Rs 200 million was collected within a few days of the announcement, said NRN leaders in Australia.
Founding president of the Non-Resident Nepali Association (NRNA) Upendra Mahato pledged to invest at least 50 percent of the total cost on his own. Mahato, who was in Sydney to attend the conference, confirmed his investment plan. “We are in touch with government officials to finalise which project we are going to invest in. Hopefully, we will sort it out once we have gathered enough investment capital for a 100 MW project.”
The three-day jamboree of NRNs concluded on Sunday culminating in a Nepal Festival that saw a turn-out of over 10,000 members of the Nepali diaspora and students, foreigners and local visitors. The event also issued a Sydney Declaration that called on Nepal’s political parties to institutionalise the achievements of the democratic movement of 2006 and the NRN community to increase investment.
Chairman of NRN Australia Ganesh KC said the Nepal Festival which is organised every two years in Darling Harbour in September has been extremely popular in Australia as it has been a venue for sharing and networking among NRNs.
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The private sector has accelerated work to construct the Kathmandu-Hetauda Tunnel Highway road as per a new concept—’4P’—where even locals are involved as investors. The highway is expected to be completed in the next four years with an in ...
The Upper Tamakoshi Hydropower Project is all set to issue its initial public offering (IPO) worth Rs 5.18 billion, one of the largest IPOs of the country. The project has appointed Citizen Investment Trust (CIT) as issue manager. Bigyan S ...
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The agriculture sector is receiving donor money once again. The next fiscal year will see three donor-funded projects worth a total of US$ 91.5 million designed to improve household food security and incomes through increased agricultural pro ...
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The detailed project report (DPR) of the Kathmandu-Hetauda Tunnel Highway has showed that the tunnel road requires a minimum investment of Rs 23 billion. Nepal Purbadhar Bikas Company, established to undertake the project, has targeted to ...
Six months after signing an initial agreement, the Investment Board (IB) and CWE Investments, a subsidiary of China Three Gorges Corporation (CTGC), on Monday signed a revised memorandum of understanding (MoU) for the development of the 750-M ...
The World Bank (WB) has approved a $99 million package for the Nepal-India Electricity Transmission and Trade Project (NIETTP) to help Nepal mitigate the ongoing energy crisis. The project will provide Nepal at least 100 MW of additional ...
The government has revived plans to construct the much talked about cross-border petroleum pipeline to import fuel from India and ease transportation constraints. According to the Ministry of Commerce and Supplies (MoCS), a proposal to imp ...
The rapid progress being made by the 456 MW Upper Tamakoshi hydropower project has encouraged the energy sector. The project did not shut down even during the Dashain holidays which has put stakeholders in a buoyant mood. Although most of the ...
The Nepal Telecommunications Authority (NTA) has fixed the maximum subsidy for expanding the optical fibre link to all the districts in the country under the District Optical Fibre Network Programme at Rs 3.27 billion. The project which will ...
Ncell, the country’s first private GSM operator, announced that it would be spending US $ 100 million (Rs 7.15 billion) in 2011. Through aggressive marketing promotion and innovative service, Ncell is now aiming to become the No. 1 player ...
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