Kathmandu, March 11
The government’s third effort to manage the foreign investment for the ambitious West Seti Hydropower Project has failed.
Whereas two Australian and Chinese companies had withdrawn themselves from the 750-megawatt project in the past, this time, the government could not convince five companies, including a Nepali one, to work together for the project.
The Investment Board, a government agency to look after big development projects involving foreign investment, had asked five shortlisted companies to jointly come up with a joint proposal on the investment and operation modalities. However, sources confirm, the companies did not show any interest to partner with each other.
Following that, Matrix International, the Nepali company among the five, has proposed partnering with a new foreign company for the project. The government, however, is yet to make any decision about it.
The board’s CEO Sushil Bhatta says the board is making efforts to launch the project as soon as possible.
It has been more than two decades since the project plan was developed, but it has not moved ahead for the want of funds.