Investment Board Nepal(IBN) has announced that it signed a Memorandum of Understanding(MoU) with a consortium
between Power Construction Corporation of China and Nepal's Hydroelectricity
Investment and Development Company Limited to develop the 756 MW Storage
Hydroelectricity Project in eastern Nepal.
The Nepal-China joint venture (JV)
company was selected to develop the project during the Nepal Investment Summit
held here in March last year.
Hydroelectricity Investment and
Development Company is Nepal's state-owned company. The IBN facilitates the
large scale domestic and foreign investments in Nepal.
"As per the MoU, the
Nepal-China JV company will submit the Detailed Feasibility Study Report to IBN
in 24 months from Sunday," the IBN announced in a social media post on
Sunday.
IBN's spokesperson Balaram Rijyal
told Xinhua on Sunday that after the JV company completes the Detailed
Feasibility Study, it would be allowed to develop the project.
"The Detailed Feasibility Study
will determine the estimated cost of developing this project," said
Rijyal.
IBN officials said they believed the
project is one of the most attractive projects available at the moment. The
project will cover three districts of eastern Nepal -- Taplejung, Terhathum and
Panchthar of Province 1.
The Himalayan country which is rich
in water resources, is seeking to attract domestic and foreign investment in
the hydropower sector as it aims not only at domestic consumption but also at
exporting power to other regional countries.
Nepal has established cross-border
transmission lines with India, and is also working to develop cross-border
power line with China.
China was the largest foreign direct
investment source to Nepal in the past four years, according to Nepal's
Department of Industry.
Source: Xinhua| 2020-01-20
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