By TRN Online, Kathamandu, Oct 9: The Investment Board Nepal (IBN) has approved Rs 73 billion investment at its 48^th board meeting. The decision was taken from the meeting held under the chairmanship of Prime Minister Sher Bahadur Deuba on Saturday.

The meeting of the board decided to approved Rs 73 billion for the construction and development of two hydroelectricity projects and grant permission to increase capital.

The meeting has taken the decision on investment approval of Rs 10.5 billion for 56 megawatts (MW) capacity Jhumkhola hydropower. Similarly, it has also granted permission of enhancing the capital of Rs 62.26 billion for the Arun-3 hydropower project.

Similarly, the meeting has formed a high-level study committee for a feasibility study of the 900 MW upper Karnali hydroelectricity project under the leadership of the vice-chairman of the National Planning Commission (NPC). It will submit a report within 45 days.

The meeting also decided to approve the annual budget and program of the fiscal year 2021/21 of the investment board, approving the agreement of transaction of shares of the Smarat Cement and Upper Trishuli-1 projects.

In the meeting, prime minister Sher Bahadur Deuba directed a long term plan to increase the consumption of electricity, make a conducive environment for investment and intensify the execution.

The meeting was witnessed by the finance minister and vice-chairman of board Janardan Sharma "Pravakar", Minister of energy, water resource and Irrigation Pampha Bushal, Minister of Industry, Commerce and supply Gajendra Bahadur Hamal, Minister for Forest and Environment Ramsahaya Yadav, vice-chairman of NPC Biswo Poudel and Principle secretary Shankar Das Bairagi, members of board Haribhakta Sharma, Bhawani Rana, Rajeshkaji Shrestha.