Hedge Fund regulations to attract FDI

Kathmandu, Feb 7 . The Government has introduced the ‘Hedge Fund regulations, 2075 B.S. in order to attract foreign direct investment in the hydropower sector.
The Fund is aimed at bringing in FDI in convertible currency. The regulations were issued by the Council of Ministers meeting on February 4, according to Minister for Communications and Information Technology Gokul Prasad Banskota.

Speaking at a regular press meet held today to share the cabinet decisions, government spokesperson Banskota said the government granted endorsement for the use of forest area for construction of the 220 KV Chilime-Trishuli transmission line. Similar permission was granted to the Mahakali irrigation project, 14.3 MW Upper Mailung hydel project, 10 MW Kamarigad hydel project, Tamghar Gorusinghe 132 KV substation and to the BS cement industries to extract limestone by using the forest.

The cabinet meeting also approved the national strategy for data development, herbs development grant procedures, 2075, national forest polic, 2075, NGO federation Nepal statute, 2074 and the procedures to provide forest land for resettlement and relocation of the earthquake survivors, 2075 B.S.

According to Minister Banskota, the government has approved the ‘privat house re-construction grant distribution (second amendment) procedures, 2075, the Madan Bhandari Science and Technology University Infrastructure Development Committee (formation) order, 2075 and the formation order relating to survey of land in the name of the Korala Customs Office in Mustang district, 2075. Also, the government consented to tabling of the bill designed to provide for federal financial procedures and financial accountability in the federal parliament.

Meanwhile, the government has appointed Madhusudan Adhikari as the Executive Director of the Alternative Energy Promotion Centre. Likewise, Jiulal Chaudhary has been appointed chairperson of the Board of Directors of the Nepal Water Supply Corporation, while Sangita Bhattarai Regmi and Ram Bahadur Thapa members.

Likewise, the cabinet gave permission to the National Sports Council to approve its quota and design of organisational structure. It was also decided upon to provide Rs 500,000 in assistance to observe the birth anniversary of martyr Gangalal Shrestha and provide financial aid for the treatment of Pannalal Yadav, who was injured in the Madhes movement.

Likewise, the meeting decided to provide 75 percent of compensation amount to those whose all lands have been occupied by the East-West railway, and 66 percent to those who have lost some of the lands. Those who houses, huts and walls have been destroyed for the project will also receive compensation amount.