Finance Minister Labels Progress of Investment Projects as Shameful in Investment Board Meeting

Finance Minister Dr. Swarnim Wagle expressed strong concerns after reviewing a report showing that out of 55 projects approved by the Investment Board, only 2 have reached the construction phase. He emphasized the need for a rigorous review process. Dr. Wagle highlighted the necessity to identify reasons for inactivity in foreign investment-approved projects and indicated that changes in relevant laws may be required.

On April 21 in Kathmandu, Dr. Wagle remarked that it is embarrassing that only two out of 55 approved investment projects have commenced construction, according to data released by his secretariat.

During the 13th meeting of the Investment Board’s Monitoring and Facilitation Committee, he said, “Given the length of time since foreign investments were approved, the lack of progress in these projects calls for a strict evaluation.” He added that it is essential to hold accountable those responsible for delays despite the acceptance of foreign investment. If any individuals are at fault or if legal inconsistencies exist, these must be identified and necessary amendments to the law made.

“The root causes of these problems must be revealed immediately,” Minister Wagle stressed. He also warned that if issues remain unresolved by the 14th committee meeting, more severe scrutiny would follow. The minister criticized the weak appearance and misinformation coming from the powerful body overseeing investment facilitation as a serious issue. He insisted that at least ten projects should show immediate progress. “There are some promising projects that require thorough investigation,” he stated.

At the event, Sudip Dhakal, the Prime Minister’s advisor on policy, administration, and good governance, described the condition of projects vital to the country’s future development as extremely deplorable. “We need to promptly address the obstacles hindering project advancement. Identify the agencies and individuals involved and clarify why coordination failed. Going forward, these matters will be monitored and rectified,” he said.

On the same occasion, Sushil Gyawali, CEO of the Investment Board, detailed the responsibilities and authorities of the board, office, and committee, and provided information on the projects approved and facilitated by the board.