Nepal needs an investment of US $19 billion annually to meet the targets of SDGs: PM Deuba

Prime Minister Sher Bahadur Deuba has said Nepal will need a total investment of US $19 billion annually to meet the targets set by the United Nations Sustainable Development Goals (SDGs).

Addressing the Sustainable Infrastructure Investment Forum organized by the Investment Board Nepal (IBN) on Wednesday, Prime Minister Deuba said that by 2026, the country will be upgraded to a developing nation by infrastructure and economic development.

He said that the current government is working according to the 15th five-year plan by giving priority to infrastructure development. Prime Minister Deuba said that there is a national policy and plan to reduce carbon emissions to zero by 2045.

Prime Minister Deuba said that the IBN has approved plans worth nine billion dollars for 33 projects, of which 20 are large hydropower projects.

In the IBN’s organized program, Nepal has issued guidelines for establishing a project bank which is considered essential to attract domestic and foreign private investment. Three years ago, the Public Private Partnership and Investment Act (PPPIA) envisaged the establishment of a project development bank to attract quality investment.

However, the plan could not be materialized so far due to the absence of related guidelines. According to the IBN, the project bank will assist in creating pipeline projects with guaranteed bankable infrastructure, domestic direct investment (DDI) and foreign direct investment (FDI).