Kathmandu, 5 Jun: The 64th meeting of the Investment Board Nepal has approved the investment for the Muktinath Cable Car Project and decided to move forward with various other projects.
Chaired by Prime Minister and Board Chairperson KP Sharma Oli, the meeting was held today at the Prime Minister’s residence in Baluwatar. The board approved investment for the construction of an 81.041-kilometer-long cable car with seven stations, stretching from Serafant (Birethanti/Naya Pul) in Parbat to Muktinath in Mustang.
The project, estimated to cost NRs. 5.76 billion 4.37 million, is proposed to be constructed by Muktinath Darshan Pvt. Ltd. under a Build-Own-Operate-Transfer (BOOT) model.
The meeting formed a committee, led by the Investment Board’s Chief Executive Officer Sushil Gyawali, to negotiate the terms and conditions of the project development agreement with the company.
Once operational, the cable car is expected to significantly increase tourism and employment opportunities at the local level.
The meeting also decided to conduct further study on the detailed report of the West Seti Hydroelectric Project with a capacity of 750 megawatts and an investment of NRs. 16 billion. Additionally, it approved seeking council of ministers’ approval for the draft agreement to collaborate with South Korea’s KORAIL organization in the railway sector in Nepal.
Furthermore, the board approved investments for the following hydroelectric projects:
-
Chiling Khola Hydropower Project with a capacity of 43.2 megawatts,
-
Upper Seti Hydropower Project in Bajhang with a capacity of 216 megawatts, and
-
Bakan Khola Hydropower Project with a capacity of 44 megawatts.
The meeting also decided to move forward with proposals received for establishing a refined edible oil industry in Janakpur and information technology parks at various locations.
The project, with a cost of NRs. 5.764 billion 3.7 million, was proposed to be constructed by Muktinath Darshan Pvt. Ltd. under a Build-Own-Operate-Transfer (BOOT) model.
