• Thursday, 6 May 2021

NRN establish Nepal Development Fund with Rs. 10 billion as base capital

Published Date : April 19, 2021
NRNA team discuss with the Minister of Finance Bishnu Poudel for creating a Rs. 10 billion NRNA fund to invest in Nepali infrastructure sector on Thursday, February 11, 2021. (File Photo: ET)

KATHMANDU: The NRN Nepal Development Fund with a capital of Rs 10 billion has been established in Nepal to invest in infrastructure, productive and other sectors.

As per the information given in the press conference organized by the Ministry of Finance and the Non-Resident Nepali Association (NRNA), NRN Nepal Development Fund will have a share investment of Rs 9.50 billion from non-resident Nepalis and Rs 500 million from the Government of Nepal.

As per the agreement reached between the Government of Nepal and the Non-Resident Nepali Association at the Investment Conference held in 2075 BS, the Government of Nepal will invest five percent in the company to be established by the Non-Resident Nepali Association.

At the press conference, Finance Minister Bishnu Prasad Poudel said that Nepal was investment friendly in all respects and urged the non-resident Nepalis to play the role of investment ambassadors.

“The government is committed to attracting foreign capital legally and politically. It wants to bring in not only scattered capital but also foreign capital,” said Poudel.

Finance Minister Poudel thanked all those who helped in setting up the NRN Nepal Development Fund and expressed the view that the challenge also came along.

Governor of Nepal Rastra Bank, the central bank of Nepal, Maha Prasad Adhikari said that the company, which came as a public-private partnership, has raised more hopes, adding that there are opportunities for investment in many sectors in Nepal.

Secretary at the Ministry of Finance Shishir Kumar Dhungana expressed confidence that the target could be achieved if it could be promoted as a holding company.

Revenue Secretary Ram Sharan Pudasaini said that the government would provide necessary assistance for the investment coming from non-resident Nepalis.

Chairman of the Non-Resident Nepali Association, Kumar Pant, said that the amount to be invested in the fund will reach more than Rs 50 billion in a few years.

Dr. Upendra Mahato, Founder President of the Non-Resident Nepal Association and Chairman of the Fund, said that he would bring capital, corporate culture, good governance, technology, etc. and hoped for cooperation from all including the government.

The main objective of the company is to invest in Nepal’s enterprise, business and transportation, infrastructure and other sectors.

The Non-Resident Nepali Association (NRNA) has stated that there is a plan to issue primary shares (IPO) targeting non-resident Nepalis soon.

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