The Nepalese government today appointed Radhesh Pant as the first chief executive of Nepal’s newly formed Investment Board. Pant is currently chief executive officer of Kumari Bank. The Investment Board that is chaired by Prime Minister Dr Baburam Bhattarai will start its operations as soon as Pant takes up his position. The Vice Chairman is Finance Minister Barsha Man Pun.

Parliament eventually approved the Investment Board Act on August 15, after several years of consideration. The board that will have a secretariat that will work as a one-stop shop to facilitate inward investment as well as foreign direct investment.

Pant’s appointment as the chief executive is expected to facilitate the inflow of foreign direct investment (FDI) by creating an investment friendly environment and through promoting potential investment in infrastructure projects and projects with large capital base.

According to the World Investment Report (WIR) of UNCTAD, Nepal ranks at the bottom of the list of countries attracting foreign investment among the Least Developed Countries (LDCs).

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