Kathmandu. Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that alternative development finance mobilization is necessary to ensure sustainable economic development and long-term investment in infrastructure projects.
Presenting the theoretical concept of the bill on alternative development finance mobilization in today’s meeting of the House of Representatives, Finance Minister Poudel informed that it is necessary to raise resources for national priority projects by filling the current lack of financial resources and the bill has been brought to provide a legal basis for this.
He said that the bill has been brought to cover issues related to identification and prioritization of infrastructure sectors and projects, internal resources required for investment in infrastructure, foreign investment, appropriate use of various financial instruments, institutional structure, monitoring and evaluation. Finance Minister Poudel expressed the view that the bill is necessary to mobilize alternative sources of development finance and create employment through it.
According to the theoretical concept presented by Finance Minister Poudel, the need for investment in infrastructure development is increasing due to intense competition in the global context, climate change, increasing access to information technology, and the expectations of citizens.
Studies on the need and potential of investment in Nepal have shown that more than 100 trillion rupees will be required in the coming decade. Similarly, looking at past data, only 200 to 300 billion rupees have been invested in infrastructure in Nepal annually.
New sources and measures of investment are needed to bridge the gap between investment needs and achievements. In line with the long-term national goals taken by the government in the 16th Plan, there is a need for huge investment in areas such as power generation, transmission and distribution system upgrading, industrial sectors, special economic zones, smart cities, urban development, tourism development plans, road, irrigation, drinking water, airport construction, etc. When Poudel assumed office as the Finance Minister last Ashar, he approved the working procedure related to alternative finance.
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