By A Staff Reporter
Kathmandu, Apr. 2: The Investment Board Nepal (IBN) has approved investment of Rs. 14.27 billion for the construction, operation and management of Suryatara Cement Project.
The 50th meeting of the Board chaired by its Chairman and Prime Minister Sher Bahadur Deuba on Thursday approved the investment.

Similarly, the Board has decided to give permission to DIAG Industries GmbH Germany for a detailed feasibility study for setting up a chemical fertiliser factory at Bardaghat in Nawalparasi.
The meeting approved the detailed project report submitted by the proposing company regarding the Lower Arun Hydropower Project (679 MW), according to a press statement of IBN.
The meeting also directed the Office of Investment Board to study and submit a report on the issue of extension of financial management of the Upper Karnali Hydropower Project.

The IBN has formed two separate study committees under the coordination of the vice-chairman of the National Planning Commission to study the development and investment structure of the Nijgadh International Airport project and free energy from the Arun III hydropower project and purchase additional energy.
The IBN has approved the concept paper of Design-Build-Finance-Operate-Maintain (DBFOM) model and establishment of Investment Board Fund and directed the Office and related bodies to make necessary legal and institutional arrangements in this regard.

For the institutional reform of the Office, the Board has approved the criteria related to the operation and regulation of intern recruitment.
The meeting has also approved the criteria for formation of an expert committee or task force and appointment of specialists and their remuneration and facilities, including the opinion of the Ministry of Finance.

In the meeting, Prime Minister Deuba stressed on the need for attracting quality investment to get rid of the growing trade deficit, declining remittances and liquidity problem.
He directed the IBN to take special initiative to bring in capital and technology as knowledge, skill, capital and technology would play an important role in laying the foundation of economic prosperity of the nation.

Appreciating the efforts made by the Board so far, he directed all the ministries and bodies to implement its decisions made effectively in time.
During the meeting, Chief Executive Officer of the IBN Sushil Bhatta briefed about the implementation status of the decisions taken by the previous board meeting, progress on project implementation, facilitation and development and institutional reforms and activities undertaken by the IBN.

Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Forests and Environment Ramsahay Prasad Yadav, Minister for Culture, Tourism and Civil Aviation Prem Bahadur Ale, Minister for Agriculture and Livestock Development Mahindra Ray Yadav, Vice- Chairman of National Planning Commission Dr. Biswo Nath Poudel, Chief Secretary to the Government of Nepal Shankar Das Bairagi, expert members of the Board Hari Bhakta Sharma, Bhawani Rana, Rajesh Kaji Shrestha and other high ranking officials of the government of Nepal were present.