KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Govt receives commitment of Rs 36 billion in FDI

Government has received the commitment of around 36 billion rupees in foreign direct investment (FDI) in the current fiscal year.

According to the Ministry of Industry, the commitment of Rs 35.94 billion was received for 213 enterprises until July 5 for the fiscal year 2019/20.

The Department of Industry statistics states that of the total commitment, 70 to 80 per cent is from China followed by India, the USA and Malaysia.

Spokesperson at the Department Binod Kumar Khadka said that, however, the number of companies has decreased but the ratio of investment has gone up this year as compared to last fiscal year.

He added that Rs 10.27 billion plus amount in FDI was committed in comparison to the last year till the date. He added that Rs 25.47 billion was committed for 344 industries last year till this date.

The investment as committed is more in service sector but maximum industries are in tourism industry, he shared.

Public bus service resumes in Rupandehi

Lumbini Metro-City Pvt. Ltd has resumed the public bus service in Rupandehi district.

Making itself the first to resume the public transport service in the city, Lumbini Metro-City Pvt. Ltd. has run its eco-friendly AC bus along Butwal-Bhairahawa route almost three and half a half months after the public bus service was banned.

Dhan Bahadur Adhikari, the Chairperson of Lumbini Metro-City Pvt. Ltd, said that the company has resumed the service in coordination with the Chief Minister’s Office.

He claimed that the bus meets all the standards set by the government. There are 8 AC buses operating under the committee.

However, the passengers have to pay a slightly higher fare than before. The passengers who used to pay Rs 60 in Butwal-Bhairahawa route now have to pay Rs 90.

Nabil Bank establishes ‘Nabil Digi Bank’

Nabil Bank has establishment ‘Nabil Digi Bank’ on Sunday. Nabil Digi Bank, a bank within a bank, has been set up to transform the bank into a fully digital bank.

The aim of Nabil Digi Bank is to meet the need and expectation of customers to enjoy banking services at the time, place, and device chosen by them.

During the Digi Bank launching ceremony the Bank’s Chief Executive Officer,  Anil Shah, stated that the establishment of Nabil Digi Bank was a reflection of the Bank’s commitment to its mission to provide complete financial solutions to the Nepalis market, with singular focus on customer needs and aspirations while creating the best in class customer experiences.

The aim is to develop the ability to enable the Bank to use digital solutions to touch the lives of all its customers.

Power supply to three districts obstructed due to floods

Power supply to Khotang, Okhaldhunga and Solukhumnu has been obstructed after power supply poles were brought down by floods triggered by a heavy downpour.

Two poles of the Gaighat-Diktel 33 KV transmission line were uprooted by the flooded Triyuga River in Udayapur.

As a result, thousands of consumers in the three districts have been deprived of regular power supply. The rising water level in the river has made it difficult to replace the uprooted poles, said Nepal Electricity Authority Khotang Chief Ram Dinesh Raya Yadav.

Floods, landslides obstruct 20 roads across country

More than 20 roads in the country have been obstructed due to floods and landslides caused by incessant rains for the past few days.

Even if the efforts to clear the blocked roads started immediately, it may take a few days to resume transportation on all the roads.

The floods and landslides in Sindhupalchowk, Nawalparasi, Sindhuli, Myagdi, Makwanpur, Dailekh, Kavre, Rautahat, Pyuthan, Achham, Mustang and Manang have damaged roads and bridges.

Some of the blocked roads have come into one-way operation, according to the Department of Roads. The Barhabise-Kodari road section of Araniko Highway has suffered major damage due to floods and landslides and it may take a few days to reopen, said Shivahari Sapkota, Deputy Director-General and Spokesperson of Department of Roads.

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.