KATHMANDU, April 19: The Non-resident Nepali Association (NRNA) launched a Rs 10 billion fund that aims at generating capital to invest in Nepal’s mega infrastructure development.
Finance Minister Bishnu Prasad Paudel officially inaugurated the fund named ‘NRNA Development Fund’ amid a program organized at the Ministry of Finance (MoF) on Monday. The MoF is investing 5 percent in the investment pool. While the NRNA is investing 10 percent of the shares, 85 percent will be collected from non-resident Nepali individuals.
NRNA meets FinMin Khanal to push forward Nepal Development Fund
Speaking at the program, the chairman of the NRNA Development Fund Upendra Mahato said they have planned to increase the size of the fund to US $ 1 billion. “The fund to be operated in the modality of a holding company is expected to help channelize remittance in the productive sector,” he said.
Finance Minister Paudel said the NRNA members need to bring capital through a formal banking channel to invest in the fund that will be spent in development of the national pride projects.
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