KATHMANDU, June 5: The 64th meeting of the Investment Board Nepal (IBN) has approved investment for the Muktinath Cable Car Project and decided to move forward with various other projects.
Chaired by Prime Minister and IBN Chair KP Sharma Oli, the board meeting held Thursday at the Prime Minister's residence in Baluwatar approved the proposed investment for the Muktinath Cable Car Project. The cable car is planned to span 81.041 kilometers with seven stations, running from Seraphant (Birethanti-New Bridge) in Parbat to Muktinath in Mustang.
MoU signed on 84-km cable car to Muktinath
The project, with an estimated cost of Rs 57.64 billion, has been proposed by Muktinath Darshan Pvt Ltd under the Build, Own, Operate, and Transfer (BOOT) model. The IBN has formed a committee led by CEO Sushil Gyewali to negotiate the terms of the project development agreement with the company.
Once operational, the cable car is expected to boost tourism and employment at the local level. The IBN meeting also decided to conduct further studies on the Detailed Project Report (DPR) of the 750 MW West Seti Reservoir Project, which is estimated to require an investment of Rs 160 billion. Additionally, the IBN decided to seek Cabinet approval for a draft agreement with South Korea’s KORAIL to explore cooperation in Nepal’s railway sector.
Likewise, the IBN approved investment for several hydropower projects, including the 43.2 MW Chilung Khola, the 216 MW Upper Seti (Bajhang), and the 44 MW Bakan Khola projects.
The meeting also decided to advance proposals for establishing a refined edible oil industry in Janakpur and developing IT parks in various locations.
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