KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
IBN approves Rs 185.43 billion for 7 projects
The Investment Board Nepal (IBN) has approved an investment of Rs 185.43 billion for seven projects.
Five hydro power projects and two cement projects are among those receiving the approval.
A meeting of the IBN chaired by Prime Minister KP Oli approved Rs 78.65 billion for Upper Marshyangdi Hydropower-2 project (327 megawatt), Rs 6.3 billion for Ankhukhola Hydropower (42.9 megawatt), Rs 10.31 billion for Myagdikhola Hydropower (57.3 megawatt), Rs 13.57 billion for Isuwakhola Hydroelectric (97.2 megawatt) and Rs 28.6 billion for Kaligandaki Gorge Hydropower (164 megawatt).
Similarly, the meeting also approved Rs 32.5 billion for Dang Cement Industries project and Rs 15.5 billion for Samrat Cement Industries project, according to the press note issued by the Board.
Cabinet approves Rs 12 billion IDA grant
The meeting of Council of Ministers has made a few decisions on a slew of matters including appointments, approval for receiving foreign grant assistance and the price of paddy among others.
Minister for Communications, Information and Technology and Spokesperson of the government Dr. Yubaraj Khatiwada shared that the government decided to accept the proposed USD 10 million (around Rs 12 billion) grant pledged by the World Bank’s International Development Association as budgetary assistance.
The fund would be used to increase investment in the energy sector.
Govt to transfer unspent amount of MP Fund to COVID-19 Fund
The government has decided to transfer the unspent amount of Local Infrastructure Development Partnership Program popularly known as the MP Fund.
Announcing the decision of the Council of Ministers, Spokesperson of the government, Minister of Finance, Communications and Information Technology, Dr. Yuvaraj Khatiwada informed that arrangements have been made to deposit the unspent amount for the current fiscal year in the COVID-19 fund of the local level.
A Cabinet meeting held on Tuesday amended the regulations for the transfer of the amount, he said, adding that the amount should be spent within the fiscal year.
(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.
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