Government prepares domestic investment model for Budhigandaki

File: Budhigandaki River

Kathmandu, December 18

A government panel has finalised the model of domestic investment to construct the 1,200-megawatt Budhigandaki Hydropower Project.

The panel suggests various forms of tax on all forms of petroleum products, annual budgetary investment of the government and funds from other national financial institutions can generate money sufficient for the project.

These financial institutions including Citizens Investment Trust, Employees Provident Fund, Nepal Telecom, Rastriya Beema Sanstha and private insurance companies among others.

The team led by National Planning Commission Vice-Chairman Swarnim Wagle submitted its report to Deputy Prime Minister and Minister for Energy Kamal Thapa today.

Earlier, the government had scrapped the contract signed with Chinese Gezhouba Group for the project and decided to assign Nepal Electricity Authority. It was also decided that the ambitious project would be built on domestic investment.

The panel suggests the Authority’s profits also be used for the project. If necessary, welfare funds of Nepali Army and Nepal Police can be asked to make contributions.

It has been estimated that the project will cost Rs 270 billion to Rs 300 billion.

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