IBN, Huaxin sign PIA worth $140 million «

IBN, Huaxin sign PIA worth $140 million

Investment Board of Nepal (IBN) and Chinese company Huaxin Cement Narayan signed the project investment agreement (PIA) – on Wednesday in Kathmandu – to invest $140 million to set up a cement plant in the country.
Chief Executive Officer of IBN Maha Prasad Adhikari and Huaxin’s Overseas Development Director Liu Jianguo signed the PIA, according to a press note issued by the IBN.
The IBN had decided to approve Rs 15 billion foreign direct investment (FDI) for the establishment of the company, it reads, adding that the approval has been given to excavate limestone from Panikharka of Dhading district.
As per the agreement, Rs 30 million which is 0.2 percent of the total investment of the project would be received by the government of Nepal from the developer.
Likewise, the company paid Rs 600 million to the government of Nepal to extract the limestone.
After the agreement, CEO Adhikari said that PIA has delivered the environment of investment-friendly for FDI in Nepal.
This is the second Chinese Cement company that going to invest in Nepal.