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Finance Minister Janardan Sharma has directed the Investment Board Nepal (IBN) to take big projects ahead by creating capital on its own.

Participating in the seventh meeting of the Monitoring and Facilitation Committee of the IBN, Minister Sharma said that the ministry would provide necessary support if IBN moves ahead for capital formation.

He further said, "IBN should pay attention to invest on big projects by creating capital on its own. We will discuss how we can help if such fund is set up."

Also the Vice-Chairperson of the IBN, the Finance Minister advised the Board to build capital fund for the export-oriented projects by holding discussion with private sector.

He urged the IBN to take initiative for the investment by assessing projects capable of contributing significantly to gross domestic project (GDP) and capital formation.

The Investment Board had presented work progress of Arun III Hydropower Project and its subordinate projects, Logistic Project, Kaptad Integrated Tourism Development Programme, Tamor Water Reservoir Hydropower Project, Upper Marsyandi Hydropower Project, Plant Vehicle Manufacturing and Assembling Plant and Huaxin Cement Project in the meeting.

On the occasion, the Finance Minister expressed dissatisfaction over non-implementation of the Investment Board's decision of providing one-stop service to big foreign investors.

He was of the view of treating all foreign investors equally and facilitating them accordingly.  The Finance Minister insisted on doing away with the conventional development approach and moving ahead with new perspectives.  He made it clear that the culture of keeping proposed projects pending for long in the name of a study/ survey was not a good practice.  

“It is not good to take a long time to decide on project development proposals submitted to the Board for approvals.”  He was of the view of dealing with such projects by a team of related experts and finalizing them on time.

IBN Chief Executive Officer Sushil Bhatta highlighted the need of a policy-level decision to come up with special provisions in regard with the selection of a site for the construction of industry for production-based big projects.

 He apprised that though they received a proposal for establishing an automotive industry from a South Korean company, the further progress has stalled due to the site selection issue.

As he claimed, the Board continues its actions in line with its defined terms of reference. RSS

The price of gold has dropped by Rs 3, 500 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers' Association, the yellow bullion is being traded at Rs 102, 000 per tola today.

It was traded at Rs 105,500 per tola on Wednesday, which was the highest price in the Nepali market so far. 

Similarly, price of silver has decreased by Rs 45 per tola today as compared to previous day and reached Rs 1,405 per tola, according to the Federation.

The Nepal Stock Exchange (NEPSE) index plunged by 30. 36 points to close at 2,514.58 points on Wednesday.  

Similarly, the sensitive index increased by 5. 35 points to reach 487.19 points.

A total of 4,959,919 units of shares of 229 companies were traded for Rs 2. 35 billion.

Likewise, all sub-indices saw red in today’s market.

Meanwhile, Mountain Energy Nepal Limited was the top gainer today with its price surging by 8.10 percent. Likewise, Bishal Bazaar Company Limited was the top loser with its price dropped by 5.78 percent. 

At the end of the day, total market civilization stands at Rs 3. 56 trillion.

Gold price climbed to an all-time high of Rs 105,500per tola in the domestic market on Wednesday.

As per the Federation of Nepal Gold and Silver Dealers’ Association, price of the precious yellow metal increased by Rs 2,500 per tola in the domestic market today to reach the record. On Tuesday, gold was traded at Rs 103,000 per tola.

Meanwhile, the price of tejabi gold is being traded at Rs 105,000 per tola.

Similarly, the price of silver has increased by Rs 40 per tola and is being traded at Rs 1,450 per tola. Earlier, it was traded at Rs 1,410 per tola.