Kathmandu: Finance Minister Rameshwor Prasad Khanal has expressed his commitment to revising the existing regulations for the development fund that the Non-Resident Nepali Association (NRNA) is planning to launch. During a discussion with a high-level delegation of the NRNA, he assured support for policy-level arrangements and grant permissions. The Finance Minister stated that obstacles to the operation of the fund would be removed by revising the regulations related to the Securities Board, and emphasized that a positive and practical step was needed.
According to National News Agency Nepal, NRNA President Mahesh Kumar Shrestha shared that Nepalis across the globe are eager to invest in Nepal and requested to ensure 85 percent participation in the Initial Public Offering (IPO). Shrestha mentioned that migrant communities would provide support for the country’s economic and development projects in an effective manner through the Nepal development fund in the coming days. He also pledged support for the government’s development endeavors.
Similarly, NRNA Founding President Dr. Upendra Mahato and former President Kumar Panta urged for an immediate revision of the necessary regulations and policies to facilitate the establishment of the fund. A fund of Rs 10 billion is set to be established and operated to invest in Nepal’s infrastructure sector in collaboration with and coordination with the government. The government will have five percent investment while 95 percent will come from the Non-Resident Nepalis (NRNs) in the fund.