KATHMANDU: The 52nd meeting of the Investment Board Nepal (IBN) presided over by Prime Minister and its chairman Sher Bahadur Deuba, decided to grant survey permits to West Seti Project within 45 days and to Seti River-6 (SR-6) project within 6 months from the date of signing the Memorandum of Understandings (MoUs) for the respective projects. Indian company NHPC Limited, Garbhament of India Enterprise, has been selected to conduct the study for the development of 750 MW West Seti and 450 MW Seti River-6 Joint Hydropower Project. The IBN has instructed the firm to deposit a performance guarantee worth 0.5 percent of the total cost of the respective projects.
Similarly, the meeting also delivered authority to the Office of the Investment Board (OIBN) to move forward with the process of investment approval and Project Development Agreement with the developer for the 689MW Lower Arun hydropower project. The meeting also took the decision to sign an MoU with Himtal Hydropower Company to conduct a study of 327 MW Upper Marsyangdi-2 and to implement the decision of the Council of Ministers regarding extending the timeline of the Financial Closure of the 900 MW Upper Karnali hydropower project.
In line with this, GMR Ltd, the project developer, should complete the Financial Closure for the project by June 2024. At the meeting, PM Deuba instructed concerned officials to move forward with dynamism by positively taking initiatives taken by the OIBN for the development of large-scale infrastructure projects in the country. Chief Executive Officer of IBN, Sushil Bhatta briefed the meeting about its fresh activities in investment promotion, institutional capacity development, and partnership.