IBN's 64th meeting : Rs 57.64 billion Muktinath Cable Car approved

KATHMANDU, JUNE 5: The 64th meeting of the Investment Board Nepal (IBN), held today at the Prime Minister’s official residence in Baluwatar, has approved a range of infrastructure projects, including the investment proposal for the Muktinath Cable Car Project. 

Chaired by Prime Minister and IBN Chairperson KP Sharma Oli, the meeting approved investment for the construction of an 81.041-kilometre-long cable car route from Seraphant (Birethanti/Nayapul) to Muktinath in Mustang. The cable car line will feature stations at seven different locations.

Muktinath Darshan Pvt. Ltd. had submitted a proposal to develop the project under the Build-Own-Operate-Transfer (BOOT) model, with an estimated investment of Rs. 57.6437 billion. To move the project forward, the meeting formed a committee under the leadership of IBN’s Chief Executive Officer, Sushil Gyawali, to negotiate the terms of the Project Development Agreement with the company. Once operational, the project is expected to significantly boost tourism and generate employment opportunities at the local level.

Additionally, the Board has decided to seek Cabinet approval for a draft agreement with Korea Rail, a South Korean organization, to explore cooperation in Nepal’s railway sector. The meeting also approved further study of the Detailed Project Report (DPR) for the West Seti Reservoir Project, which has the capacity to generate 750 megawatts of electricity and entails an investment of Rs. 160 billion.

Furthermore, the Board granted investment approvals for several hydropower projects: the 43.2 MW Chilung Khola Hydropower Project, the 216 MW Bajhang Upper Seti Hydropower Project, and the 44 MW Bokan Khola Hydropower Project.

Proposals for establishing a refined edible oil industry in Janakpur and developing IT parks at various locations have also been approved for further consideration.