NRN Nepal Development Fund: Government Positive for Operation - Finance Minister Khanal

A high-level delegation from the Non-Resident Nepali Association (NRNA) met with Finance Minister Rameshwor Prasad Khanal. During the meeting, detailed discussions were held regarding various challenges encountered in the operation of the NRN Nepal Development Fund.

The delegation presented its views on the necessary policy arrangements, permissions, and amendments to the existing regulations required for the fund's operation. Minister Khanal listened carefully to all the issues raised by the delegation and assured that positive and practical steps would be taken towards a solution. 

In the meeting, Minister Khanal committed to swiftly amending the relevant regulations at the Securities Board to remove the obstacles facing the fund's operation.

On this occasion, NRNA President Mahesh Kumar Shrestha stated that Nepalis worldwide are highly eager to invest in Nepal and requested the assurance of 85 percent participation in the Initial Public Offering (IPO). 

He further committed that in the coming days, the diaspora community would cooperate more effectively with the country's economic and development plans through the Nepal Development Fund, pledging support for the government's development efforts.

Founding President Dr. Upendra Mahato urged for the immediate amendment of the necessary regulations for the fund's operation. Former President Kumar Panta requested the government to make a policy "breakthrough" to streamline the protracted process.

The meeting was attended by President Mahesh Shrestha, Founding President Dr. Upendra Mahato, Former President Kumar Panta, Chairman of the National Coordination Council (NCC) Iraq Binod Shrestha, Dhurba Bhattarai of NCC Canada, Analraj Bhattarai of the NRN Nepal Development Fund, the Association's Executive Officer Rajendra Kumar Raut, and Senior Communications and Foreign Employment Officer Indralaxmi Ghimire.

A fund of 10 billion Nepali Rupees is being established and brought into operation through the coordination and cooperation of the Government of Nepal and the initiative of the Non-Resident Nepali Association, aimed at investing in Nepal's infrastructure sector. 

The NRN Nepal Development Fund Limited will have 5 percent investment from the Government of Nepal and 95 percent investment from Non-Resident Nepalis.