IBN approves Rs. 14 bn Chinese investment

Kathmandu December 21- The Investment Board Nepal (IBN) has approved a proposal of China’s Huaxin Narayani Investment to set up a cement factory. The Chinese company would invest Rs14 billion ($140 million) in the cement plant, according to the proposal approved by the 19th IBN board meeting chaired by Prime Minister KP Sharma Oli on Sunday.

IBN CEO Radhesh Pant said the company was looking for a site in the Eastern, Central and Western regions to set up the plant. “The company plans to produce 1.1 million tonnes of cement annually,” he said.

This is the second largest Chinese investment in cement and fourth largest overall.