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Bill to further widen sphere of IBN: Finance Minister

KATHMANDU: Clause-wise discussion was underway regarding the amendment proposal on ‘Public Private Partnership and Investment Bill-2075’.
The first-phase discussion has begun on the proposal of amendment registered by lawmakers on the bill in today’s meeting of the Finance Committee under the House of Representatives.
A total of 23 lawmakers have registered amendment proposal on different points of the bill. The government has brought this bill to achieve speedy development and economic prosperity by attracting big-scale investment in infrastructure development through Investment Board.
Specially, proposal has been registered to widen sphere of investment Board Nepal (IBN) and its working area in the bill. This new bill has been brought after the Investment Board Act-2068 BS did not come into implementation in practice, it is learnt.
The new bill has set the target to make economic growth by mobilizing capital of above Rs 6 billion through Public-Private concept. It is necessary to mobilize Rs 150 billion to achieve economic growth rate up to nine per cent, according to the Finance Ministry. The private sector has the capacity to mobilize Rs 100 billion in recent period.
In the meeting, Finance Minister Dr Yuba Raj Khatiwada said that the new bill has been brought to further broaden the parameter and scope of the Investment Board for achieving economic prosperity through the development of infrastructure. He added that the bill will pave the way for making investment for the development of infrastructure by means of private capital.
Stating that it was necessary to invest in mega projects for achieving high economic growth rate, the Finance Minister believed that the private sector would not be affected when foreign investment is brought.
“The Investment Board is not a political entity and neither it was being developed as a parallel government,” he clarified.
Lawmaker Janardan Sharma said it was necessary for the government to identify large projects and invest in them through the Investment Board, stressing the works to be carried out by the Board should be done through inter-ministry coordination.
Lawmaker Yasoda Gurung suggested that the Board should allow investment only by specifying the service sector and commercial sector.
Lawmakers Divya Mani Rajbhandari and Gagan Kumar Thapa demanded including the leader of the main opposition party in the Board that is chaired by the Prime Minister.
Bhara Kumar Shaha, Rekha Sharma, Santa Kumar Tharu, Chudamani Khadka, Khem Lohani, Bina Kumari Shrestha and Prem Suwal called for broadening the scope of the Investment Board.

Published Date: Tuesday, March 12th, 2019 | 09:05 PM

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