Private investment will be gradually incentivized in development: PM Dahal

Kathmandu: Prime Minister Pushpa Kamal Dahal 'Prachanda' said the Investment Board Nepal would be developed as an efficient institution.

Receiving an annual report from the Board this morning, PM Dahal said it would be advanced as an effective and efficient institution capable of best utilizing the knowledge and experience of experts.

On the occasion, PM Dahal directed the Chief Executive Officer (CEO) of the Board to present a necessary framework containing policy, legal and institutional measures for reforms. The Prime Minister shared that the government was mulling developing the Board as a prime institution to build strategic infrastructure projects.

Saying that the office of the Board has done a great deal in areas of coordination, collaboration, and partnership, Dahal urged the Board to bring the institution to a new height and further contribute to the prosperity and development of the country.

He expressed the commitment on behalf of the government to provide the necessary support to the Board in its future efforts. Prime Minister Dahal also shared his optimism that foreign direct investment along with private sector investment can be amassed for the development of mega infrastructures in the country by capitalizing on the groundworks of the Board office last year.

He noted the government's commitment to gradually incentivize private investment in development. PM Dahal further said he was excited to get a response from some international-level organizations about the professional delivery of the Board office.

The 'screening process' adopted by the Board in project development was scientific and contextual, Dahal commented, asking the Board to receive support from the concerned ministries in identifying and structuring projects. Also speaking on the occasion, Board's Chief Executive Officer Sushil Bhatta shared the Board's strategic plan, mandate, business plan, and work progress against the budget and program of the government.

The progress report of the Board has highlighted its performances in project management, investment promotion, institutional development, coordination, collaboration, and partnership. CEO Bhatta also briefed the Prime Minister about key works to be carried out in the current fiscal year.

There is a practice that the CEO presents the annual progress report of the board before the Prime Minister and Board Chairperson and a performance contract between the Board Chairperson and CEO is signed.

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