Govt firm to mobilise remittance for hydel development 

Kathmandu, January 7

Are you thinking about utilising hard-earned  remittance in sectors that ensure  high returns, tired of family members’ tendency to spend money on unfruitful sectors in Nepal?  How about investing in hydropower projects and helping in the electrification of the country that has been suffering from multiple crises like fuel shortage resulting from the Indian blockade and the Madhesh movement?

Remittance has become a mainstay of the Nepali economy: In the last fiscal, Rs 5.26 trillion entered Nepal. Worryingly, 82 per cent of the remittance got spent, while four per cent got saved. According to economists, family members spend the migrant workers’ money on topics like education, health and housing.

Migrant workers worried over wastage of hard-earned money can heave a sigh of relief by investing in hydropower projects in Nepal, pretty soon. The government-owned Hydropower Investment and Development Company is making preparations to launch the Remit Hydro, a venture meant to attract investment from Nepalis working abroad, in hydropower projects in Nepal.

By establishing a subsidiary called Remit Hydro, the government-owned company is making preparations to develop a 125-MW hydropower project by tapping the potential of Thingwa and Ghumsa rivers in Taplejung. Dipak Rauniyar, chief executive officer of the government-owned company, said Nepalis living abroad can invest in the project.

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