By Our Reporter
The Non-Resident Nepali Association (NRNA) has launched its Rs.10 billion NRN Nepal Development Fund Limited to invest in infrastructure and productive sectors in Nepal.
The fund will have Rs. 9.5 billion shares of NRNs and Rs. 500 million of the Government of Nepal, the NRNA informed at a press conference jointly organised with the Ministry of Finance at the latter’s office in Singha Durbar on Monday.
The NRNA had started the process of the fund’s registration in February this year. Its President Kumar Pant had announced to establish the fund after his election to the post in October 2019 to bring at least Rs. 10 billion foreign investment in Nepal.
NRNA hopes that the fund would encourage small investors in foreign countries. About 85 per cent of investment in the fund would be made by Nepalis from around the world.
They can invest in any amount equal to or higher than US$10. The government had pledged to contribute Rs. 500 million to the fund and the promoters would invest Rs. 1 billion, 10 per cent.
The fund has received Rs. 3 billion investment commitment till now.
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