First Business News Portal in English from Nepal
KATHMSNDU: Nepal and India have agreed to build much-hyped two hydropower projects in western Nepal, a totaling of 1200MW of hydroelectric generation capacity.
Investment Board Nepal on Thursday signed a memorandum of understanding (MoU) with India’s state-owned NHPC Limited to develop the two projects—West Seti and Seti River (SR6), a joint reservoir projects.
In the presence of Prime Minister Deuba, the MoU was signed between Sushil Bhatta, Chief Executive Officer of Investment Board Nepal and Abhay Kumar Singh, Managing Director of Indian company NHPC.
Addressing the signing ceremony of a memorandum of understanding between the Investment Board Nepal and the Indian company NHPC in the capital, Prime Minister Deuba said the government will provide all kinds of support for the project development as it is making maximum efforts to create an investment-friendly environment in the country. He also urged the relevant agencies to complete the project on time, which has been in discussion for 40 years.
Thursday’s development may be seen as an attempt to mend soured relations with India by Sher Bahadur Deuba after his election as prime minister in July last year.
He said that the Indian market is now open for electricity trade and exports have started, while expressing his belief that this would expand in the days to come.
Finance Minister Janardhan Sharma, Minister for Energy, Water Resources and Irrigation Pampha Bhusal, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu, Minister for Forest and Environment Pradeep Yadav, Chief Minister of Sudurpaschim Pradesh Trilochan Bhatt and others were present in the program.
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