Kathmandu. The NRN Nepal Development Fund with a capital of Rs. 10 billion has been established to invest in infrastructure and productive sectors. The NRN Nepal Development Fund will have a share investment of Rs. 9.5 billion from non-resident Nepalis and Rs. 500 million from the Government of Nepal.

Kumar Pant, president of the Non-Resident Nepali Association (NRNA), has said that the NRNA Development Fund with a capital of Rs 10 billion will be reimbursed by investing in infrastructure and not by keeping money in the bank.

There is a plan to issue IPO of the fund targeting non-resident Nepalis soon. Accordingly, ordinary share (IPO) of Rs. 8 billion will be brought. The association is preparing to bring in Rs 10 billion for projects related to agriculture, tourism and infrastructure in Nepal, for which the government of Nepal will raise 5 percent, 15 percent founder and the remaining 80 percent capital through ordinary shares, said Kumar Pant, president of the association.

Only non-resident Nepalis other than SAARC countries will be able to purchase the IPO. This is the investment of NRNs. So far, we have received proposals for 170 projects. The project will start in the next 5 to 7 weeks, he said.

The association aims to invest Rs 10 billion in Nepal in the initial period and increase the investment to Rs 100 billion within a year. One million non-resident Nepalis will invest in the project. Rs. 10 billion collected from 1 million NRNs will be invested in agriculture, tourism and infrastructure.