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The Nepal Stock Exchange (NEPSE) plunged by 18. 25 points to close at 2,627.14 points on Thursday.

Similarly, the sensitive index dropped by 2. 99 points to close at 474. 26 points.

A total of 12,283,623-unit shares of 317 companies were traded for Rs 5. 41 billion.

Meanwhile, Nepal SBI Bank Limited (SBI) was the top gainer today with its price surging by 9. 75 percent. Likewise, Rawa Energy Development Limited (RAWA) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 17 trillion.

Federation of Nepalese Chamber of Commerce and Industries (FNCCI) President Chandra Prasad Dhakal urged the global community to consider investment in Nepal.

President Dhakal, who is currently in the USA to attend the annual meetings of the World Bank and International Monetary Fund (IMF), highlighted the enabling environment for foreign investment in Nepal and the amendments to legislations to facilitate the foreign investment.

During the meeting with high-ranking officials of these agencies on Wednesday, he also pledged necessary coordination on the part of the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) to facilitate foreign investors considering investment in Nepal.

During the meeting with Imad Fakhoury, International Finance Corporation (IFC)'s Regional Director for South Asia, Dhakal discussed IFC's role in empowering the private sector of Nepal.

Talks on economic recessions in the wake of COVID-pandemic and conflict between Russia and Ukraine and repercussions of these two factors Nepal's economy also figured in the meeting, Dhakal shared.

Following the meeting, Dhakal mentioned that the two dwelled on potential areas for foreign investment in Nepal including hydro power, tourism infrastructures and Information Technology and thereby calling on the global community to consider investment in these areas.

The meeting was attended by IFC's other officials as well as representatives of the FNCCI.

Similarly, Dhakal held a meeting with British International Investment's Executive Director Samir Abhyankar on last Wednesday itself during which they discussed increasing investment on Nepal's tourism and hospitality sector, hydro power and infrastructure sectors considering the tremendous potentials of these sectors.

Prime Minister KP Sharma Oli has commended courageous peacekeepers from around the world, particularly those serving at present in the United Nations Interim Force in Lebanon (UNIFIL).

In his address to an event jointly organized by the Ministry of Defense and the Nepali Army at the NA Headquarters today to mark United Nations (UN) Day 2024, the Prime Minister said UN peacekeepers' unwavering dedication and fearlessness in the face of increasingly complex challenges and hard situations exemplify the true spirit of peacekeeping and inspire all of us to uphold global peace and security.

Highlighting the significance of the Day, he said the moment offers an opportunity to reiterate our steadfast commitment to the ideals of the UN Charter. "For decades, we have been a persistent advocate of peace, equality, cooperation, and the peaceful resolution of conflict in the international arena. Our long contributions to UN peacekeeping missions, international treaties, and disarmament efforts reflect our dedication to global tranquility and harmony. I am immensely proud of our peacekeepers, whose tireless dedication has left a lasting mark on conflict-affected regions in every nook and corner of the globe."

Sharing the features of Nepal's foreign policy with the gathering, he said Nepal always adheres to the principles of peaceful coexistence, mutual respect for sovereignty, and non-interference. "Our position as a nation located between two large neighbors demands that we maintain a policy of "Friend to all and Enmity to none".

He went on to say that Nepal is firmly committed to multilateralism, strongly believing that global challenges like climate change, poverty, and security challenges, starkly require collective and multilateral solutions.

He said Nepal being a responsible and effectively engaging member state in the international community would like to play a constructive role to move forward peace, stability, and sustainable development all around the world.

"Today, I would like to remind all of us that our partnership and collectiveness reinforce the UN to effectively carry out its critical missions, often in some of the world's most challenging environments," he said. 

 The Prime Minister acknowledged with deep gratitude the spirit of collaboration that drives the UN country teams, UN field missions, and Specialized UN agencies working diligently across the globe. As he said, their dedication to development, peace-building, and humanitarian support is a shining example of how united efforts can create lasting and positive change for millions of people.

The Prime Minister said Nepal is proud of its long peacekeeping history and is committed to sending skilled and competent peacekeepers whenever the UN calls for it. "However, peace operations are facing growing challenges. They are increasingly at risk from violent groups and dynamic security situations. Conflicts are becoming more and more complex so conflict management and resolution require strong international support and solidarity."

Against this backdrop, countries like ours must provide forces with the tools needed to stay safe while carrying out their missions, Prime Minister Oli stressed, adding that the government fully supports efforts to ensure the safety, training, and readiness of our peacekeepers. "We are also deeply committed to the meaningful participation of women as their participation exhibits a symbolic representation by which women's empowerment is established in a conflict-ridden society."

He reminded the gathering that Nepal has wholeheartedly endorsed the "Declaration of Shared Commitments" in support of the “Action for Peacekeeping” (A4P) initiative and its enhanced version, the “A4P Plus Initiative” spearheaded by the United Nations. These initiatives reflect our broader vision of collective global security and Nepal’s readiness to shoulder its responsibilities as a responsible member of the international community, he added.

Addressing the event as the Chief Guest, the Prime Minister stressed the need to recognize the broader challenges the global community faces, particularly the urgent global environmental concerns on this occasion.

He utilized the forum to say that countries like Nepal, despite contributing minimally to global carbon emissions, are disproportionately affected by these crises. It is marred by the melting of glaciers, unpredictable monsoons, and a surge in natural disasters which every year takes away many lives and damages the properties." The recent monsoon disaster in Nepal with the regrettable loss of lives and properties is evident enough of the growing challenges we face. These challenges transcend national borders as we recently saw the disastrous Hurricane Milton devastating Florida in the US. Thus, it is high time for us to collectively fight against the common threat of humankind."

Reiterating that Nepal is committed to playing its part and stands ready to collaborate with global partnerships that prioritize climate resilience and sustainability, he expressed his confidence that the UN’s continued leadership in addressing the climate change issue will guide Nepal forward for shared solutions, which are essential for the survival of vulnerable nations like Nepal.

"In this volatile and ambiguous situation around the world, Nepal remains steadfast in its commitment to the principles of the United Nations. We will continue to support global efforts to promote peace, security, sustainable development, and environmental protection," the Prime Minister said, wishing the entire UN family a joyous moment on behalf of the people of Nepal.

The Kaligandaki Corridor (Beni-Jomsom-Korala) road project, a vital part of Nepal’s national pride infrastructure, has made significant strides with 80 percent of the physical work completed, according to the latest project report. Financial progress stands at 75 percent. The project, initiated on 27 Nov 2016, aims to establish an all-weather road network connecting southern Nepal to the Korala border with China in the north.

A total of Rs 10bn was allocated for the construction and upgrading of 202 kilometers of road and bridges stretching from Maldhunga in Parbat to Koralanaka in Mustang. As of the last fiscal year, Rs 7bn has been contracted for the project. Initially projected for completion by the fiscal year 2022/23, the deadline has been extended to 2025/26 due to challenges such as natural disasters and construction delays.

Out of the 202 kilometers, 150 kilometers of road are under the contract management project. So far, 45.71 percent of the planned blacktopping is completed, with 48 kilometers finished. Additionally, 77 kilometers of gravel road have been completed, though the 25-kilometer Charang-Chooser stretch remains unfinished due to slow contractor performance and adverse weather.

Dhurba Jha, head of the Korala Road project, reported that of the 24 bridges needed along the route, 19 have been contracted, with 11 bridges already completed. The project has faced delays in bridge construction, with four contracts broken, but efforts are underway to enter new contracts for the remaining bridges.

Despite setbacks, the project has maintained momentum. Jha mentioned that five of the eight contracts from Maldhunga to Kagbeni are under construction, while some bridges have already been completed. The Korala road, once fully operational, is expected to boost trade and connectivity between Nepal and China, strengthening Nepal’s northern trade corridor.

Minister for Forest and Environment Ain Bahadur Shahi has said that Nepal will present the Karnali Declaration on climate justice with high imporatnce at COP 29 taking place in Baku, Azerbaijan, next month.

During a pre-COP29 orientation organized by the Climate Change Management Division at Chandragiri, the minister assured participants of Nepal's effective participation in COP29. The three-day event began on Wednesday.

He said Nepal will participate in the forum with sufficient preparations and give its effective presence. 

The minister said that the session on Climate Finance scheduled to be held during the Conference is crucial for Nepal when it is challenging for developing countries like Nepal to address the climate change crisis without adequate financial support.

The workshop on climate change as preparation for COP29 was collaboratively organized by the Ministry and an organization Sath Sathai on October 19-20 in Karnali. 

The gathering participated by several climate experts, and people's representatives from all districts in the Karnali Province concluded by issuing the five-point Karnali Declaration. The minister said the Declaration will be significant for COP 29.

 "We should focus on limiting the temperature rise at 1.5 degrees," the minister said, adding that the world should prioritize the need to promote clean and durable energy resources and reduce carbon emissions to achieve the Sustainable Development Goals.

During the Karnali workshop, Karnali's local representatives said agricultural loss, depletion of water resources, and the reduction in snowfall are among the perceived consequences of climate change lately seen in Karnali, according to the minister.

Similarly, Minister of State for Forest and Environment Rupa BK stressed that Nepal should assertively voice its concerns at the conference, advocating for developed nations to provide financial and technical support to help developing countries implement climate-friendly initiatives.

Three newly appointed ministers in the Lumbini Province take the oath of office and secrecy today.

Janmajay Timilsina (Minister for Social Development), of Baridya, Devkaran Kalawar (Forest and Environment) of Nawalparasi (West of Bardaghat Susta), and Adesh Agrawal (Internal Affairs and Law) of Banke took the oath before Province Head Krishna Bahadur Gharti.

Timilsina and Kalawar represent the Nepali Congress in the coalition government while Agrawal is from the Janata Samajbadi Party (JSP).

With these appointments, the Lumbini Province now has 11 ministers: five including the Chief Minister from the CPN-UML, five from the Congress, and one from the JSP.

On Wednesday, Chief Minister Chet Narayan Acharya recommended that the Province Chief reshuffle the Province Council of Ministers.  The Lumbini Province government was formed with the support of 56 Province Assembly members of the Congress and UML.

Chief Minister Acharya, NC leader and former Chief Minister Dilli Bahadur Chaudhary, major opposition CPN (Maoist Center) leader and former Chief Minister Jokh Bahadur Mahara, and Speaker Tularam Gharti were among those present on the occasion.

Deputy Prime Minister and Minister for Finance Bishnu Paudel, who is presently in Washington in the course of attending the annual meetings of the World Bank Group and the International Monetary Fund (IMF) held a meeting with Vice President of the Asian Development Bank (ADB) Yingming Yang.

According to the Nepali Embassy here, they discussed the matters related to the present capital of the Bank and future potential collaborations with Nepal on the occasion.

DPM Paudel lauded the ADB's role in advancing construction projects in Nepal.

He also extended gratitude to the ADB for providing a grant of 3 million US Dollar for the survivors of recent floods and landslides.

The Embassy further noted that the ADB Vice President Yang informed Minister Poudel about the structural process of the new partnership strategy of the Bank.

Meanwhile, DPM Paudel also had a meeting with the World Bank Group's Executive Director Wempi Saputra.

Director Saputra had assured enhancing WBG's participation in the development efforts of Nepal.

Also on the same day, DPM Paudel had a meeting with Vice President of International Finance Corporation (IFC), Riccardo Puliti.

Deputy Prime Minister and Minister for Finance, Bishnu Poudel who arrived in Washington in the course of attending the annual meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) on Wednesday held a meeting with WBG's Vice President for South Asia Region, Martin Raiser.

According to the Nepali Embassy here, the discussion was focused on generating employment opportunities in Nepal.

Matters related to the improvement of the business environment, implementation of mega infrastructure projects and generation of employment opportunities in Nepal through remittance inflow were discussed on the occasion.

Meanwhile, the WBG has agreed to extend support to Nepal for the post-disaster reconstruction. The agreement to this effect was signed by the Government of Nepal and the World Bank.

Finance Secretary Ram Prasad Ghimire and World Bank's representative for Nepal David Sislen signed the agreement paper.

According to the agreement, the World Bank would provide Nepal with the assistance amounting to USD 150 million.

It was informed in the agreement signing ceremony that the resource would be mobilized for addressing health complications stemming from natural and climate change in Nepal.

The agreement was signed in the presence of DPM and Finance Minister Poudel and World Bank's Vice President for South Asia Region Raiser.