KATHMANDU: The ongoing Third Investment Summit in Kathmandu witnessed a significant development as the World Association of PPP Units and Professionals (WAPP) and the Nepalese Association of PPP Professionals and Practitioners (NAPPP) signed a Memorandum of Understanding (MoU) for bilateral cooperation.

The MoU, signed by WAPP President Ziad-Alexandre Hayek and NAPPP Chair Anup Kumar Upadhyay, aims to foster collaboration between the two organizations in matters of mutual concern and exchange of knowledge and experiences regarding public-private partnerships (PPP).

Among the key areas of cooperation outlined in the MoU are the strengthening of physical infrastructure and PPP pipelines, preparations of PPP projects and programs, and joint efforts for the promotion of international exercises in implementation.

Additionally, hosting joint gatherings and assemblies, as well as publications of joint journals, are part of the collaboration agenda.

NAPPP Chairperson Anup Kumar Upadhyay expressed optimism that the partnership between WAPP and NAPPP would enhance Nepal’s knowledge and capacity regarding PPP, thereby strengthening PPP projects in the country.

WAPP President Hayek commended Nepal’s extensive experience in implementing PPP-based projects, particularly in the hydropower and clean energy sectors, stating that Nepal’s practices and experiences are exemplary.

Headquartered in Geneva, Switzerland, WAPP is a global non-governmental organization dedicated to helping its members achieve professional goals and promoting best practices in PPP aligned with UN Sustainable Development Goals (SDGs).

On the other hand, NAPPP brings together practitioners, professionals, and members from multiple sectors to promote collaboration, innovation, and efficiency in public-private partnerships and investment to contribute to sustainable development.

In another development during the summit, Sakha and Company Private Limited and Anforman Group, along with BORE Hotel, China, inked an agreement worth Rs 100 million for cooperation in the hotel business.