The 64th meeting of the Investment Board Nepal (IBN) held today under the chairmanship of Prime Minister and Board Chairman KP Sharma Oli at the Prime Minister’s residence, Baluwatar, has approved the investment for the Muktinath Cable Car Project along with several other significant projects.
Investment Board Approves Muktinath Cable Car Project
The board has sanctioned investment for the construction of an 81.041-kilometer-long cable car system connecting seven stations from Serafant (Birethanti/Naya Pul) in Parbat to Muktinath in Mustang. The total estimated cost of the project is NPR 5.764 billion. The project will be developed, owned, operated, and transferred under a Build-Own-Operate-Transfer (BOOT) model by Muktinath Darshan Pvt. Ltd., which has proposed the project.
A committee headed by the board’s Chief Executive Director, Sushil Gyawali, has been formed to negotiate the terms and conditions of the development agreement with the company. Once operational, the cable car is expected to significantly boost tourism and generate employment opportunities at the local level.
The meeting also decided to conduct further studies on the detailed project report of the West Seti Hydroelectric Project, which has a capacity of 750 megawatts and an estimated investment of NPR 16 billion. Additionally, the board approved investments for several hydropower projects including the 43.2 MW Chilung Khola Hydroelectric Project, the 216 MW Bajhang Upper Seti Hydropower Project, and the 44 MW Bakan Khola Hydroelectric Project.
In another major decision, the board agreed to move forward with proposals to establish a Refined Edible Oil Industry in Janakpur and set up information technology parks in various locations across Nepal. Furthermore, the board approved taking the draft memorandum of understanding with South Korea’s Korel institution for cooperation in railway sector studies to the Council of Ministers for approval. These developments mark significant progress in Nepal’s infrastructure and energy sectors, promising increased investment, job creation, and enhanced tourism potential.
