April 20, Kathmandu - The Non-Resident Nepali Association has set up the NRN Nepal Development Fund with a determination to attract Rs 10 billion investment.

NRN Nepal Development Fund Limited has been registered in the Office of the Registrar of Companies on March 12, 2008, with the efforts of the Union and in coordination with the Ministry of Finance, Government of Nepal. The authorized capital of the company is Rs 10 billion. In which the Government of Nepal will invest 5 percent or Rs. 500 million. The association has also committed to invest Rs 3 billion in foreign currency.

At a press conference held at the Ministry of Finance on Monday, Finance Minister Bishnu Prasad Poudel expressed confidence that the capital among non-resident Nepalis would be invested in productive and employment-oriented projects in Nepal. Finance Minister Poudel suggested to work as an investment ambassador to attract foreign investment rather than just bringing in the capital of non-resident Nepalis.

He also urged to ensure that there should be no black money in investing in this way, to bring money only through the banking system and to invest in projects of national priority. Finance Minister Poudel also expressed the commitment of the government to create a conducive environment if foreign investment is ensured.

Speaking on the occasion, president of the Non-Resident Nepali Association Kumar Pant, said that non-resident Nepalis have been investing individually for a long time but have started investing collectively since 2012. He said that the work has been started as per the plan to invest Rs 10 billion in the development infrastructures of the country. He also expressed his commitment to increase this fund to over Rs 50 billion within a few years. Former president of the Non-Resident Nepali Association, Upendra Mahato, also said that there is a plan to increase the fund from Rs 10 billion to Rs 100 billion. He said that not only capital and technology but also corporate culture, good governance and transparency would be introduced through the fund. He also said that the government of Nepal is needed for that.

NRN Nepal Development Fund aims to invest in Nepal's enterprises, business, transportation, infrastructure, tourism, agriculture, energy and other sectors. A primary fund (IPO) will be issued targeting non-resident Nepalis for fund building.