KATHMANDU: Nepal has lost Rs 3.6 billion rupees following the last minute cancellation of International Indian Film Academy (IIFA) awards which was set to be organized in the Kathmandu Valley, claimed experts.

According to experts, hosting IIFA would boost tourism by 35 to 50 percent through the introduction of higher value tourists and create opportunities of bringing foreign investments in the country.

Further, IIFA provides host destinations several benefits which range from USD 200 million for media campaign that raises the profile of the host destination, added experts.

Given the compelling benefits, several countries and destinations are always interested in hosting the IIFAs. Over the last 19 years, over 14 unique cities, 12 different countries and four continents have had the opportunity of hosting the glamour-studded IIFA.

In its 20th year, IIFA remains the most sought-after annual event by tourism and economic policy makers to boost their economies.

The ongoing preparations for the organization IIFA Awards was canceled following the directive issued by the Parliamentary International Relations Committee on July 2.

The Parliamentary Committee took a decision to this effect after the government’s decision to organize the Indian award ceremony in the country using funds from the national treasury courted criticisms from all quarters.