Laxmi Capital News
NRNs to set up Rs 10bn infra fund

The Non-ResidentNepali (NRN) community has pledged to set up infrastructure fund worth Rs 10billion to help the country bridge the yawning gap of infrastructure in thecountry.

Non-ResidentNepali Association (NRNA) — the umbrella association of the Nepali diasporacommunity — expects the fund will play a catalytic role in terms of bringinginvestment in infrastructure. Lack of quality infrastructure is considered as amajor bottleneck to spur the country’s economic growth.

NRNA has urged itsmembers to contribute in infrastructure fund to show solidarity forinfrastructure development.

“Collectiveinvestment of NRN community can transform the physical infrastructure in thecountry,” said Hem Raj Sharma, former spokesperson for the NRNA, adding, “Theeconomic potential that has remained untapped due to lack of properinfrastructure will be unleashed once we have better infrastructure in place.”

Physicalinfrastructure is critical to attract foreign direct investment (FDI) into thecountry. The NRN community interacted with the government and the privatesector regarding the proposed NRN Infrastructure Fund (NRNIF) in Aldershot ofUnited Kingdom today.

Governor of NepalRastra Bank (NRB) Chiranjibi Nepal, Ambassador of Nepal to United Kingdom DurgaBahadur Kshetri and Vice President of the Federation of Nepalese Chamber ofCommerce Chandra Prasad Dhakal addressed the potential contributors of theNRNIF in an event that was participated by the NRN community from Belgium, theNetherlands and Ireland, along with Nepali diaspora in the United Kingdom.

NRNA PresidentBhaban Bhatta and former president Jiba Lamichhane shed light on the proposedNRNIF and expectations from investing in infrastructure sector of Nepal.

The government hasalso been taking forward the process of setting up an InfrastructureDevelopment Bank, with paid-up capital of Rs 20 billion and an objective tobridge the gap of financing in infrastructure sector.

Source: The Himalayan Times, 22ndJanuary 2018

 

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