NEPAL SEEKS EQUITY PARTICIPATION IN ITS INFRA BANK FROM INDIAN FIs AT PHD CHAMBER

NEPAL SEEKS EQUITY PARTICIPATION IN ITS INFRA BANK FROM INDIAN FIs AT PHD CHAMBER

NEPAL SEEKS EQUITY PARTICIPATION IN ITS INFRA BANK FROM INDIAN FIs AT PHD CHAMBER

No.PR-3

April 7, 2018

New Delhi

 

NEPAL SEEKS EQUITY PARTICIPATION IN ITS INFRA BANK FROM INDIAN FIs AT PHD CHAMBER

 

Nepal on Saturday invited Indian financial institutions to begin prepare for an equity participation for to an extent exceeding 20 per cent in its proposed Infra Bank that Nepal is likely to set up for its economic and social including infrastructural uplift, according to Dr. Biniod Atreya (Aryal), Executive Director, Management Association of Nepal.

 

Addressing an Interactive Session with Delegation from Nepal : Strengthening Indo-Nepal Relations under aegis of PHD Chamber of Commerce and Industry here today, Dr. Atreya said that Nepal has decided to set up an Infra Bank for which necessary approvals have been obtained from its Central Bank and very soon it would seek equity participation from Indian financial institutions among others  for which the upper ceiling limit could be to the extent of 80-85 per cent.

 

The primary objective of the proposed bank would be to fund the infrastructural requirements of the Nepal for which the new regime is committed to transform the country and thereby ensure its economic uplift so that industries from within and outside flock towards Nepal with their surpluses for mutual gains since the new regime has brought in a new constitution to the country, the sole aim of which is towards establishing stability in the country.

 

During the Interactive Session it was also decided to set up Indo-Nepal Centre for which the PHD Chamber of Commerce and Industry and Nepal Chamber of Commerce would work closely so that the members of both the Chambers can take advantage of the Centre for economic and business ties.

 

Speaking on the occasion, Senior Vice President, PHD Chamber, Mr. Rajeev Talwar and Vice President, Nepal Chamber of Commerce, Mr.Ichharaj Tamang agreed to work together to take Indian investments into Nepal in the areas of financial services, tourism, IT and the like.  It was also agreed on the occasion that Nepal would host a mega event in Kathmandu in which a business delegation from PHD Chamber would be launched towards Nepal so that the conference is organized in a fashion to attract a larger participation from across South Asian region.

 

Among others who were also present on the occasion comprised Mr. Naresh Shrestha, Vice President, Nepal Chamber of Commerce;  Mr. Deepak Kumar Malhotra, Vice President, Nepal Chamber of Commerce; Mr. Bhaskar Raj Rajkarnikar, Vice President, Nepal Chamber of Commerce; Dr. Anjan Shakya, Executive Member, Nepal Chamber of Commerce; Mr. Bhim Lal Paudyal, Executive Member, Nepal Chamber of Commerce; Mr. Niraj Rai, Executive Member, Nepal Chamber of Commerce; Mrs. Urmila Shrestha, Executive Member, Nepal Chamber of Commerce; Er. Sushil Bhatta, President, Management Association of Nepal; Ambassador K V Rajan, former Secretary, Ministry of External Affairs and former Ambassador to Nepal and Secretary General, PHD Chamber, Mr. Saurabh Sanyal including its Chief Economist, Dr. S P Sharma.

Ends.

Koteshwar Prasad Dobhal

Consultant (PR)