Government allows some 800 Nepalis to return home daily

 The government has increased the number of homecoming Nepalis number to a maximum of 800 from earlier 500 per day.

The cabinet meeting –yesterday – has decided to allow 800 people to enter Nepal via air route from tomorrow, confirmed government spokesperson Dr Yuba raj Khatiwada. Earlier, the government had claimed to allow only 500 people to enter Nepal. But after the pressure from stranded Nepalis abroad, the government has been forced to increase number by 300.

“International air services, including scheduled commercial flights and repatriation charter flights, are set to resume from tomorrow,” he said, adding that the Ministry of Culture, Tourism and Civil Aviation will manage the number of flights and passengers on the basis of availability of hotel quarantines. “The number of passengers brought to Nepal through regular scheduled flights or charter flights should not exceed 800.”

“It requires coordination between a lot of bodies as there were some incidents where flights had to be cancelled last time around,” Khatiwada said. “The flight had to be cancelled due to the lack of availability of quarantine facilities.”

Likewise, the government has decided to allow Non-resident Nepalis (NRNs) to come to Nepal after recommendations by the diplomatic missions in the designated countries. “The embassies in the respective countries will recommend the names of NRNs, if a member of his/her family dies or if he/she has to visit Nepal for serious medical treatments,” the government has decided. “After it is confirmed the individual will be allowed to come to Nepal.”

Likewise, the government has allowed the charter repatriation flights from countries like Saudi Arabia and Kuwait, where PCR tests are not accessible. “The flights will be managed for those, who are willing to come back to Nepal at their own expenses or if their companies pay for them,” he said, adding that international students, who are required to come to Nepal for examinations will also be allowed to enter Nepal, if their teachers and the Ministry of Education, Science and Technology verify their requests. “Such students need to follow all the protocols prepared by the government and produce PCR negative test reports issued within 72 hours at the time of boarding the aircraft.”

ILO, NRNA seal Rs 51 million grant deal to help evacuate stranded Nepali migrant workers abroad

The International Labor Organisation (ILO) has today agreed to provide Rs 51 million grant to the Non-resident Nepali Association (NRNA) to rescue Nepali migrant workers from Malaysia, United Arab Emirates (UAE), Qatar and Saudi Arabia. They have been stranded in those labour destinations due to Covid-19 pandemic.
NRNA president Kumar Pant shared that an agreement has been signed between the ILO and NRNA. “We are pleased to share that the ILO under the United Nations has agreed with us to provide $4,24310 (equivalent to Rs 51 million) grant to NRNA," he said, adding that the grant will be utilised to rescue Nepali migrant workers stuck in Malaysia, UAE, Qatar and Saudi Arabia due to coronavirus outbreak. “The grant will also be used to study the impact of Covid-19 in labour market.”
The NRNA is coordinating with the Nepali diplomatic missions in Malaysia, UAE, Qatar and Saudi Arabia to set up its separate offices to evacuate stranded Nepali migrant workers, according to Pant.

Coronavirus claims lives of 78 Non Resident Nepalis across the globe

Some 78 Non Resident Nepalis (NRNs) have lost their lives due to Covid-19 as yesterday evening, according to the NRN Association Health Committee.
Some 51 NRNs have succumbed to the infection in Britain alone, the largest number of Nepali deaths reported in a foreign land, the committee reported in a press note. “Likewise, some 15 NRNs have died in the USA, six in the United Arab Emirates (UAE), one each in Ireland, Japan, the Netherlands, Bahrain and Sweden,” the press note reads, adding that the number of NRNs infected by Covid-19 has reached 5,472 across the world with more than 2,000 recovering from the deadly disease. “The NRNA has provided relief support to 35,000 NRNs, who were affected by the pandemic, in different countries.”
They were provided with food supplies and medical support including face mark, sanitizer and medicines, according to the press note. “The NRNA has also been providing counselling service through its 24-hour hotline service.”

CNI, NRNA seal a deal to attract FDI in Nepal

Confederation of Nepalese Industries (CNI) and Non-Resident Nepali Association (NRNA) agreed to jointly promote investment in the country and Nepali products abroad.
CNI president Satish Kumar More and the newly-elected president of NRNA Kumar Panta signed the agreement on behalf of their institutions. More, on the occasion, said that the role of NRNs in bringing in foreign expertise and technology in Nepal’s industrial development is crucial.
Stressing on the need for NRNs and private sector to work together, he said, that Nepal has a high scope for investment in sectors like infrastructure, hydropower, tourism, agriculture and technology. “These are the sectors, where the private sector and NRNs should coordinate in bringing in foreign investment,” More added.
Similarly, CNI also urged NRNA to make its Investment Fund more effective and mobilise it for country’s development as soon as possible.
Likewise, immediate past president of CNI Hari Bhakta Sharma said that NRNs should contribute to the development process of Nepal by sharing the development experience and expertise of foreign countries.
NRNA president Panta, on the occasion, said that the association will work together with the private sector in Nepal to attract foreign investment, especially in the manufacturing sector. The NRNA will work to bring in foreign investment worth billions of rupees into the country,” he said.
Immediately after being elected to the top post of NRNA, Panta had vowed that NRNs would invest Rs 10 billion in various infrastructure development projects in the country this fiscal year.

Panta as NRN president

A Germany-based Non-Resident Nepali (NRN) Kumar Panta has been elected the new president of Non-Resident Association of Nepal (NRNA)-International Coordination Committee (ICC) through the association’s ninth global convention. Pant will be the sixth president of the NRNA after incumbent president Bhaban Bhatta. Panta defeated an NRN-based in the United Kingdom Kul Acharya by only 147 votes to secure NRNA’s top post. Panta secured a total of 1,217 votes, whereas Acharya received 1,070 votes.
Panta, after winning the election, said that his first priority will be to end disparity in NRNA and NRNs and unite them. “I will focus on uniting all NRNs under NRNA,” he said, adding that NRNs prioritise Nepal while making investment. “NRNA will encourage the Nepali diaspora to bring in mega investment into the country.”
Panta also expressed his commitment to maintain and uplift the legacy of NRNA in Nepal and among Nepali people, as in the recent times, the image of the Nepali diaspora has been tarnished also due to over politicisation in the association. Panta also assured free membership to NRNs in NRNA and restructure the association during his tenure.
Likewise, the convention has elected Badri KC, Sonam Lama, Mana KC and Arjun Shrestha as vice-presidents whereas Rabina Thapa has been elected as the woman vice-president of the organisation.
The newly elected executive committee of NRNA that has a two-year tenure has Hem Raj Sharma elected as the general secretary, RK Sharma and Gauri Raj Joshi as secretaries of NRNA. “Mahesh Shrestha has been elected as the treasurer and Lok Prasad Dahal won the joint-treasurer’s race.”
Bhoma Devi Limbu has been elected as the woman coordinator of the association, whereas Manakala Thapa Bista and Roshan Thapa are elected as regional coordinators.

NRNA to elect new team for next term

The three-day Global Conference of Non-Resident Nepali Association (NRNA) that started from Tuesday has seen more than 2,500 individuals from the Nepali diaspora in various countries. The Nepali diaspora has gathered in Kathmandu also for the election of the new NRNA team for the next two-year term.
The incumbent vice presidents Kumar Pant – claimed to be near the ruling party NCP (NCP) – and Kul Acharya – claimed to be near the Nepali Congress (NC) – are eyeing the post of president to become the sixth president of the NRNA after incumbent president Bhaban Bhatta, who is the fifth president of global Nepalis.
As the NRNA has been blamed for being a hostage of political parties, the incumbent NRNA president Bhaban Bhatta does not agree. “Since the NRNA has become bigger by the day, more people are joining it,” he said, adding that the institution has people from not only all the politcal parties but also caste, creed and race. “But we have unity in diversity as we are for Nepalis around the globe.”
Bhatta justifies the interest of political parties and government as the NRNA has become a global institution with presence in over 50 countires across the world.
The decision of NRNA’s founding president and patron Dr Upendra Mahato to boycott the convention has flamed the rumour that there is political interference, though Bhatta rejects both the charges. “Neither NRNA’s founding president and patron Dr Upendra Mahato boycotted the convention nor there is political interference in NRNA election,” he said, reiterating to the NRNA’s original vision of working for the development and betterment of the country. “The prime objective of NRNA is to bring in knowledge, expertise and capital of Nepali diaspora and utilise them for Nepal’s economic and social development.”
However, some of the candidates for different top posts at NRNA executive committee are blamed to be guided by politics – with some aligned with the ruling party Nepal Communist Party (NCP) and others inclined towards the opposition Nepali Congress (NC).
Though, the voting for the new executive committee of NRNA is underway, the results are expected to be out by Friday morning as the ruling party NCP iis blamed for trying to rig the election in their favour.
NRNA has been established in a bid to support Nepal’s development and growth some two decades ago.

NRNA ninth Global convention starts

The ninth Global convention of Non-Resident Nepali Association (NRNA) started in the valley today.
According to NRNA president Bhaban Bhatta, some 2,500 representatives from 81 countries are participating in the conference that will elect a new leadership of the Nepalis diaspora. “The conference will conclude on October 17,” he said, adding that the convention will also elect a new executive committee for the next two-year term.
Despite pressure from various quarters, Bhatta said he is not contesting for the post of president this time and hand over the leadership to the newly elected president.
Two panels led by incumbent vice presidents Kumar Pant and Kul Acharya are contesting for a new leadership. Acharya – one of the contenders for NRNA presidency – organising a press conference in the capital today published his 10-commitment to fulfill once he get elected in the post of NRNA president. Citing his experience and the contribution he has made to the NRNA over the past 12 years as factors helping him win in the convention, he also announced his panel that includes Keshab Paudel (America) Narendra Bhat (Middle East) and President Man KC (Australia) and Rabina Thapa (America) as candidates for the post of vice presidents. “Likewise, Janaki Gurung (Belgium) and Som Sapkota are contesting for the posts of general secretary and treasurer, respectively.”
Likewsie, another panel led by vice president Kumar Panta includes Badri KC (Russia), Sonam Lama (America), and Sapila Rajbhandari as candidates for the post of vice presidents, whereas Hem Raj Sharma is contesting for the post of general secretary. “Likewise, Gauri Joshi (America) and Mahesh Shrestha (Japan) are contesting for the post of secretary and treasurer, respectively.”

Allow the NRNs to trade, share investors ask government

The investors have asked the government to allow the Non-Resident Nepalis (NRNs) to trade on the stock market. Submitting a memorandum to the Prime Minister, the stock investors asked the government to let the NRNs invest in the Nepal Stock Exchange (Nepse) that will help inject capital and increase demand of the stocks.
The Nepal Stock Exchange (Nepse) has lost more than 100 points in the last three months to 1,149.40 points from 1,280 points. Likewise, the daily turnover has sqeezed to Rs 150 million to Rs 200 million from Rs 300 million to Rs 350 million pulling the market capitalisation by around Rs 150 billion to Rs 1,435.32 billion.
The government has been talking about permitting investment by Non-Resident Nepalis in stocks for several years, but it has not happened yet due to lack of laws permitting them to repatriate profits from stock trading. As some NRNs may expect to take away profits from stock transactions in foreign currency, there is a need for a separate law to implement the provision.
Apart from Non-Resident Nepalis (NRNs) to trade on the stock market, they have also asked expanding remote work stations, resolving glitches in the online trading system and raise the margin loan ceiling.
They have asked to raise the ceiling to 80 per cent for margin loan, which will help propel the share market that has been witnessing a bearish trend in the recent months.
“We want the government to increase the loan-to-value ratio for margin loans to 80 per cent, which will help inject more money into the secondary market and boost demand for shares, reads a memorandum that the investors have submitted to the Prime Minister KP Sharma Oli today.
“Currently, investors can borrow up to 65 per cent of the value of the shares being used as collateral,” the memorandum further  reads, adding that the central bank – last December – hiked the ratio to 65 per cent from 50 per cent, acting on a 58-point recommendation submitted by a task force of the Finance Ministry. “The banks, currently, issue margin loans by calculating the value of the shares based on an 180-day average price or the prevailing market price, whichever is lower.”
The brokerage firms have also started issuing margin loan from today. The government has permitted 21 out of the 50 brokerage companies to provide margin loans. The investors can borrow from the brokerage firms to buy the stocks.
Thus, the increased cash flow will help boost stock prices, the investors said but the central bank claimed that raising the loan-to-value ratio for margin loans will make the banks unable to manage risk.

NRNA to hold ninth global conference on October 15-17

Non Resident Nepalese Association (NRNA) is going to hold its ninth global conference in Kathmandu on October 15-17 with the theme ‘Me, my NRNA and my Nepal’.
The NRNA international executive committee meeting today decided the date and venue for its international convention on the suggestion of the Foreign Ministry. The convention will be jointly organized by the government of Nepal, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and NRNA, as usual. “A high-level organising committee is going to be formed under the convenorship of foreign minister Pradeep Kumar Gyawali,” reads a press release issued by the NRNA secretariat. “Similarly, the internal organising committee has already been formed under the chairmanship of NRNA chair Bhaban Bhatta.”
The global conference of the umbrella network of diaspora community, on the occasion, will also elect a new working committee for the next two year-term. 

NPI concludes global consultations on development plan and vision

Nepal Policy Institute (NPI) has concluded its global consultation on development plan and long-term vision of Nepal Diaspora.
The interaction programme – organised by Nepal Policy Institute (NPI) in association with NRNA Thailand today in Bangkok – saw some 32 experts from diverge areas of specialisation.
National Planning Commission (NPC) vice chairman Dr Puspa Raj Kadel addressed the interaction as a chief guest. According to NPI member Ramesh Singh, the programme was a part of NPI’s effort in collecting inputs from Nepali Diaspora for 15th periodic development plan and long-term vision of Nepal. The NPC had requested the NPI some 3 weeks ago for the input.
NPI had organised another interaction among America based professionals few days ago for the same purpose. The programme was coordinated by NPI secretary Anil Sigdel and EC member Rudra Aryal.
In the beginning of the interaction, NPC joint secretary Khom Raj Koirala briefed the Diaspora of the concept paper the NPC prepared for 15th Periodic Plan and long-term vision.
Informing the Diaspora about the consultations programme held in Nepal from local to National level to develop a draft of concept paper, Koirala mentioned that in the context Diaspora would be critical to finalise the draft. "NPC is keen on engaging NPI in developing a draft of concept paper from the early stage," he added.
Following the NPC’s presentation, NPI chair Khagendra Dhakal gave a presentation sharing the major points that were drawn through the global consultation to shape the Bangkok based interaction effectively. Presenting nine different problems and their solutions in response to draft plan of NPC, NPI chair Dhakal also recommended a new theme Build-Produce-Manage-Monitor (BPMM) for the consideration of NPC to adopt in the upcoming plan and vision.
Explaining about BPMM, he said that Build Physical Infrastructure and Improve Cross-Border Transport System with neighbours. "These are the major barriers to developing Nepal’s market into a competitive economy in the region and globe," he said, adding that private builders should be encouraged for investment in development of infrastructure. "Without industrialisation and manufacturing no nation can achieve economic prosperity and this is not likely without improved physical infrastructure, transportation convenience and ease in cross border trading," he added.
Likewise, he urged production of agricultural farm commodities to bridge the gap in supply shortages and food imports and to reduce higher prices. "This will ensure better choices for consumers with adequate supply at a reasonable cost contributing to market boost that would have a multiplier effect in the economy," he said, adding that the government should continue with long-term agriculture perspective plan vigorously and monitor implementation of the plan.
Similarly, Dhakal also suggested efficient management of Water Resources, including reforestation, soil conservation and expand solar energy. "It should be re-energised with new vigor in the plan," he said, adding that providing safe drinking water supply should remain on top agenda while building small water reservoirs by tapping on rain waters for both household and small-scale irrigation purposes also to be promoted.
NPC should be rebranded with clear mandate of authority for the effecting monitoring of the implementation of plan and measure the desired outcome of the plan and vision, recommended Dhakal, who is currently working as specialist at King Monkut’s University of Technology in Bangkok. Emphasising on the need of pragmatic policy with tangible outcome and powerful monitoring mechanism, he further stressed that without such mechanism in place, the next development plan otherwise will be merely an another plan to add in the list of past 14 plans.
Dhakal indicated that NPI’s final input including the comments from Bangkok interaction will be a good reference for NPC to consider for incorporation in the plan documents. NPI gives an angle on how Diaspora Nepali will see the development scenario rolling up in Nepal. The NPC has started meeting in Kathmandu from Wednesday to finalise the concept paper for the 15th periodic plan.
NPI research coordinator and economist Bishwa Nath Tiwari, on the occasion, conducted interaction on macro-economic sector including economic sector, social sector and cross-cutting issues, infrastructure sector, governance sector. They discussed on growth versus sustainability, green economy, human capital, double digit growth, national pride projects, graduation from LDC, health, women, investment, infrastructure, remittance, and tax related issues.
Chief guest of the program NPC vice chairman Dr Puspa Raj Kadel also responded to all the questions the diaspora raised. Appreciating the NPI for identifying problems and giving solutions too he committed to incorporate the comments and requested NPI to forward the consolidated input from the global consultation. He also asked NPI for regular input.
"NPI is conducting global consultations with Nepali professionals, migrant workers, students, different specific committees of NRNA for past 3 weeks," NPI EC member Ramesh Singh said, clarifying that NPI is an official entity of NRNA as enshrined in the constitution of NRNA. But it behaves as an autonomous global knowledge platform and think tank for Nepal and Nepali exceeding the normal scope of NRNA. He assured that NPI work will be evidence based and placed in public domain for any stakeholder to use with credit to NPI. Singh also added that collective and individual efforts were received from included professionals, migrant workers representatives, Nepali students based in North America, Europe, Australia, UK, Asia, Middle East and also Nepal-based retired professionals of international organisations.
A team led by Switzerland-based development expert Kedar Neupane had processed the inputs swiftly to prepare the first draft and NPI Team is working to give a final touch on the input producing final document.
Speaking in the programme, the joint secretary at the Foreign Ministry Bharat Raj Paudyal appreciated the initiative of NPI that provides multiangle perspectives from the global diaspora which would be a great asset to Nepal. Similarly, joint secretary at at the Ministry of Youth and Sports Ganesh Prasad Pandeya said that policies can never be perfect therefore continuous interaction with diaspora professional which NPI has already started should be continued to reform policies of the nation.
Thirty two experts from the diverse areas of expertise had attended the interaction program where Nepal’s ambassador to Thailand Khaga Nath Adhikari and NRNA Thailand President Assajita Awale welcomed the participants. NRNA Thailand vice president Bhabendra Basnet, treasurer Kanchha Gurung (Gabo), EC member Atish Shrestha, former general secretary Kedar Timalsina and other members took active part in the interaction. 

Energy Minister urges Chinese entrepreneurs to invest in Nepal

Energy minister Barshaman Pun urged the Chinese entrepreneurs to invest in Nepal's hydropower sector.
Addressing an interaction on 'Nepal-China Economic Co-operation Forum: Prospects of Investment in Nepal’s Energy Sector’ – organised by Beijing-based Nepal Embassy in collaboration with China Association for International Economic Co-operation – in Beijing today, he also outlined the government's plan to develop 15000 MW of electricity in 10 years.
Shedding light on the significance of energy as a priority sector with a direct bearing on socio-economic transformation of Nepal, Pun – who is on a visit to China – underscored the key role of foreign investments in achieving the target. He also invited the Chinese enterprieneurs to utilize the opportunities for investment in Nepal’s hydropower for win-win outcomes for both countries.
On the occasion, Nepali ambassador to China Leela Mani Paudyal, said that the forum was organised with a view to facilitating dialogue between Nepali policymakers and Chinese energy companies, and for exchanging ideas and experience on further accelerating Chinese investment in the generation of hydropower in Nepal, according to a press statement issued by Nepal Embassy in China.
He also assured the full support and co-operation of the Embassy of Nepal in facilitating such investments, the statement reads. "Briefing on the investment opportunities for Chinese investors in Nepal’s hydropower sector, joint secretary at the Energy Ministry Dinesh Kumar Ghimire outlined the policies, tools, processes and facilities relating to the investment regime in the hydropower sector."
Nepal Electricity Authority (NEA) managing director Kulman Ghising, on the occasion, also highlighted the potentials of investing in Nepal’s hydropower from a regional market perspective.
"It is a most appropriate time to invest in Nepal due to the huge volume of regional and domestic demand in electricity, the robust nature of energy connectivity infrastructures in the region, seasonal complementarities for demand and supply, and the credibility of NEA as an off-taker," the statement reads quoting him.
Welcoming the Nepali delegates, vice-president of China Association for International Economic Co-operation Guo Yongle said that the interactions would promote business co-operation between the two countries and create new opportunities in further advancing Nepal-China economic co-operation.
More than hundred participants including representatives of public and private sector companies of Nepal and China, senior office-bearers of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Non-Resident Nepali Association (NRNA), Independent Power Producers Association of Nepal (IPPAN), representatives of Asian Infrastructure Investment Bank (AIIB), and media persons also took part in the programme, according to the Nepali Embassy in Beijing.
The event also witnessed presentations on Nepal’s investment climate and the prospects of hydro-electricity development in the country. 

PM Oli urges NRNs to raise investment in Nepal

Prime Minister KP Sharma Oli today asked the Non-Resident Nepalis (NRNs) to increase their investment in Nepal.
Addressing the first ‘Global Knowledge Convention 2018’ organised by Non-Resident Nepali Association (NRNA) here in the capital, he said that Nepal is in dire need of both investment and expertise of NRNs.
Urged them to inject their investment and expertise for the development of Nepal, he reminded NRNs that Nepal is their country and the country needs their support in every aspect, including the development process.
"The investment environment in Nepal has improved a lot recently," Oli said, assuring that the current government will facilitate NRNs’ investment in Nepal. "NRNs are one of the important stakeholders for country’s development process and the road to prosperity."
The prime minister also assured NRNs that the government will introduce investment-friendly policies and amend existing business-related polices.
Speaking at the occasion, president of NRNA Bhaban Bhatta said that NRNs are keen to work closely with the government and be an integral part of Nepal’s road to prosperity. "Entrepreneurship development is a crucial aspect for a country to progress," he said, adding NRNs will also help the government to achieve its development and economic goals by injecting investment and sharing their expertise.
The three-day convention intends to bring together Nepali expertise scattered around the world and discuss possible measures for Nepal’s growth, development and prosperity. 

NRNA to organise Tourism Promotion Year 2019

Non-Resident Nepali Association (NRNA) has announced to celebrate 2019 as Tourism Promotion Year for Nepal as a complimentary initiative to the government’s announcement of celebrating Visit Nepal Year 2020. The Visit Nepal Year 2020 has targeted to host 2 million tourists in 2020.
The NRNA plans to conduct promotional campaigns in 80 countries across the world in 2019 as part of its initiative. Organising a press meet in the capital today, president of NRNA Bhaban Bhatta announced to organise promotional campaigns in countries where Nepalis are currently residing.
Bhatta said that the promotional campaign would support the government’s plan of Visit Nepal Year 2020. "Nepalis reside all over the world these days,” he said, adding that the NRNs have initiated the campaign to support the government to achieve its target of hosting 2 million tourists in 2020.
NRNA will help promote Nepal and send tourists from abroad by coordinating with Nepali representatives in the respective countries, he said committing to continue ‘Atithi Devo Bhava’ (guests are gods) campaign organised by the NRNA. "The NRNs have also started 'Namaste campaign' to greet tourists visiting Nepal, and ‘Tin Jana Sathi Lai Nepal Pathau’ (send three friends to Nepal) campaign to motivate Nepalis residing abroad.
Chief executive officer of Nepal Tourism Board (NTB) Deepak Raj Joshi, speaking on the occasion, said that the board is always ready to collaborate with the NRNA for the enhancement of Nepali tourism industry.

NRNA to form Special Purpose Vehicle to operate Rs 10 billion Investment Fund

The Non-Resident Nepali Association (NRNA) is planning to form a Special Purpose Vehicle to operate Rs 10 billion Infrastructure Fund.
"We have sought approval from the Securities Board of Nepal (Sebon) to operate NRN Infrastructure Fund of Rs 10 billion," said NRNA President Bhaban Bhatta. "The Fund will have investment from all including government, government entity, private sector, diaspora community and local, though the diaspora community will be given privilege to invest," he added.
Nepali diaspora community has announced to set up an Infrastructure Fund worth Rs 10 billion to finance the infrastructure needs of the country in London last week in the presence of Nepal Rastra Bank (NRB) Governor Dr Chiranjibi Nepal.
"The promoters of the fund will inject the capital to set up the fund," Bhatta said, adding that they are willing to make huge investment in infrastructure sector. "Thus, if Sebon approves us to issue bonds, NRNA will sell it among diaspora community to collect the funds."
On the occasion, portfolio adviser of the NRN Infrastructure Fund Anal Raj Bhattarai said that the Fund is willing to diversify its investment to ensure the regular fixed return for the investors. "The Fund will have investment from government, government entities like Hydroelectric Investment and Development Company and the diaspora community," he said, adding that the Fund also wants to make consortium financing under the leadership of various commercial banks in hydropower projects. "We can bring in billions of rupees from the diaspora community by selling bonds.
He also said that the NRNA office bearers' have asked capital market regulator for its approval to bring in investment. 
Sebon has been drafting the Alternative Investment Regulation Funds Regulations to regulate such funds, equity investment and venture capital
Discussing with the Society of Economic Journalists of Nepal (Sejon) here on Tuesday, he informed that discussions were underway with the government bodies for setting up the fund.
On the occasion, NRNA President Bhatta also listed the newly elected committee's work in the last almost 100 days. The newly elected NRNA committee – in the last three months – has expedited construction of the Laprak Model Settlement in Laprak of Gorkha. The settlement was destroyed by the Gorkha Earthquake of April 25, 2015. A total of 327 houses are being reconstructed in Laprak.
According to him the NRNA is also constructing a park on 32 ropanis land on the bank of the Bagmati river at Shankhamul at an estimated cost of Rs 22.5 million, apart from completing the NRNA headquarters in Baluwater.

PM urges NRNs for investment in Nepal

Prime Minister Sher Bahadur Deuba today urged the Non-Resident Nepalis (NRNs) to invest in Nepal with confidence, as the investment-friendly environment has been improving gradually in the country.
Speaking at the concluding session of the 8th world conference of the NRN Association (NRNA), he said that the government has been reforming the Acts and Regulations to ensure an investment-friendly climate. He also urged the NRNs to be the part of prosperious Nepal investing without any hesitation.
Investments are welcome in hydropower, tourism, energy and other sectors, the Prime Minister said, adding that Nepal has also been able to be elected to the UN Human Rights Council as a result of the role played by the NRNs. He expressed the hope that the country would take the path towards prosperity following the elections to the House of Representatives and the provincial assemblies scheduled for November.
The NRN conference today ended with the election of a new working committee led by Bhaban Bhatta.
The newly-elected working committee of NRNA also appointed Bhusan Ghimire as its new spokesperson. Ghimire has Masters in Journalism from Sofia University in Japan and is working as the chief editor of Nepal Samachar, a Nepali paper published in Tokyo. He has been residing in Japan for the past 16 years and is involved in restaurants and grocery business in Japan.
Ghimire is also the former central member of Federation of Nepali Journalists.

Bhatta elected NRNA president

The eighth global conference of Non-Resident Nepali Association (NRNA) has elected Bhaban Bhatta as the new president for the next two-year term.
Bhatta – with 1,197 votes – has defeated Jamuna Gurung Ghale, who secured 584 votes, in the election held here today. Of the total 1854 voters, 1788 voters cast their ballots.
Jamuna Gurung Ghale is the better half of the incumbent president Shesh Ghale, who is completing his second two-year term. According to the statatue of the NRNA, one can not become president for the third term.
Bhatta, who has been associated with the non-resident Nepali movement since the beginning in 2003, as the executive member of the adhoc committee in 2003 while forming the organisation in Japan and served in various positions of the international coordination council (ICC) of the NRNA.
Bhatta has been living in Japan since the last 20 years. He owns chain restaurants and a resort in Japan. Bhatta has also invested in various sectors like hospitality, media, brewery, education, aviation and planning to invest in many more in Nepal.
After being elected as the new president of NRNA, Bhatta said that he will take forward the NRNA movement to second version, which he has named NRNA V.2, and work towards making a substantiative contribution to Nepal's economy. He said that every NRNs, despite their economic status, will get an opportunity to contribute to the socio-economic development of the country through a collective investment mechanism. Bhatta also said NRNA will forward the agendas including its own headquarters construction, smart NRNA academy, Laprak Model Settlement and joint investment.
Meanwhile, the global conference also elected Kumar Panta (Germany), Kul Acharya (UK) and Sapila Rajbhandari (Russia) as vice presidents. Panta had served as vice president in the earlier executive committee, whereas Acharya was coordinator for Europe region and Rajbhandari was women coordinator in the executive committee. Likewise, DB Chhetri and Janaki Gurung (secretary), Hikmat Bahadur Thapa (treasurer) and Somnath Sapkota (co-treasurer) from some 100 candidates, who were vying for 39 different posts in the new executive committee. The election committee informed Bhuma Devi Limbu won the Woman Coordinator post while Sudan Thapa claimed victory as Youth Coordinator.
A total of 1,854 delegates cast their votes in the election held late today at Hyatt hotel in Kathmandu for the executive committee of the NRNA that was established 14 years ago and now has spread in 77 countries. 

Central bank to float foreign employment bonds worth Rs 250 million

The central bank is floating foreign employment saving bonds worth Rs 250 million from Wednesday.
On behalf of the government, we are floating the foreign employment saving bonds to pool savings of Nepalis working abroad to finance various development projects in the country, informed the central bank
These five-year securities – which will be on sale till April 6 and allotted to investors on April 12 – guarantee a return of 10 percent per annum, and interest will be paid every six months. The yield on the bond is higher than 9 percent fixed in the last fiscal year.
The return on foreign employment saving bonds was raised to match upward revisions made by banks and financial institutions on interest of deposits, and also to attract more migrant workers investment.
These securities carry zero risk and can be used as collateral to obtain loans.
The foreign employment bonds are exclusively sold to migrant Nepali workers, Non-Resident Nepalis (NRNs) and those, who has returned to Nepal from foreign employment destinations less than four months ago.
The central bank has also appointed nine commercial banks and four remittance companies as agents to sell these bonds abroad. These sales agents have contact persons in most of the countries including Australia, Bahrain, India, Israel, Japan, Korea, Malaysia, Qatar, Saudi Arabia, the UAE, the UK and the US, where large number of Nepalis is working.
The central bank has been selling foreign employment saving bonds for almost seven years to inculcate savings habit among Nepali migrant workers and pool their resources to finance various development projects in the country, but without much success.
The central bank first floated foreign employment savings bonds in July 2010. In 2010, when these bonds were first introduced, only 0.40 per cent of these were sold. The result was even worse in the next fiscal year, when only 0.07 per cent of securities floated were subscribed. However, the demand has been gradually increasing since 2013.
In the fiscal year 2014-15, some 33.5 per cent of foreign employment bonds up for grabs were sold, while subscription rate in 2015-16 hovered around 33 per cent.
Due tolow apetite of the migrant Nepali workers, central bank senior officials have been visitng some of the countries for marketing the bonds and also create awareness among the migrant Nepali workers on how to utilise their hard earned money.
"Due to lukewarm response the central bank has sent its missions to various countries including Qatar (deputy governor Chintamani Siwakoti) and South Korea (executive director Bhisma Raj Dhungana), to sensetise the foreign employment savings bonds," according to the central bank.
Another reason, according to NRNs, for lukewarm response for the bond is regular depreciation of the Nepali currency. Nepali rupee has been weakening by over 3 per cent per year vis-a-vis US dollar for the last one decade. Those working abroad see currency depreciation as a disincentive to invest in foreign employment bonds, as they have to exchange currency of the country where they are working into Nepali rupee to buy these bonds. 

Shesh Ghale re-elected as NRNA president

Shesh Ghale has been today elected as the president of Non-Resident Nepalese Association (NRNA) with an overwhelming majority for the second term.
He secured 867 votes – out of the total 1,089 votes – while his contender TB Karki garnered just 226 votes.
Likewise, Bhawan Bhatta has been elected as the vice president securing 538 votes. His contender Kumar Pandey secured 513 votes. Dr Badri KC with 555 votes has been elected as the general secretary and Hitmat Thapa with 264 votes as treasurer of the NRNA for next two-year term.
The reelected president of the NRNA Ghale is constructing a five-star hotel in Kathmandu. Prime Minister Sushil Koirala had laid foundation stone of the 17-storey five-star Sheraton Kathmandu Hotel last October. The hotel is being built with an investment of Rs 8 billion. The hotel, which is expected to come into operation in February 2018, is being built by MIT Group Holdings Nepal, a member of the Ghale Group of Companies, which has diverse businesses in Australia and other countries too.
Ghale has also been appointed Nepal's special envoy for reconstruction in the aftermath of the devastating earthquakes of April 25 that floored down thousands of houses, infrastructures and heritage sites, apartfrom loss of lives.

NRNs failed Nepal in the time of crisis

The Non-Resident Nepalis (NRNs) from 71 countries, who have gathered in Kathmandu for 7th Global Conference, have committed to work for reconstruction.
It is praiseworthy. However, while they are preparing for global conference, Nepal is under India’s ‘unofficial blockade’. The lives of Nepalis have been hit hard by the shortage of essential goods, including petroleum products, and even medicine in some parts of the country. In the current situation of humanitarian crisis, the NRNs have failed their motherland, in their own words.
“We discussed Nepal’s current issues in the meeting of International Coordination Council (ICC),” said Non-Resident Nepalis Association (NRNA) vice president Bhawan Bhatta.
The NRNs, who have resources and network across the globe, apart from their formal institution in 71 countries, have failed to prove that they really care for their motherland. They have been repeatedly claiming that the country can use their expertise and network for the benefit of Nepal, if the government award them citizenship. The new constitution of the country – that has become the key reason for the current unofficial blockade by India – has given NRNs the right to get special citizenship. The NRNs have welcomed the provision, but failed to help the country at this critical juncture.
However, Bhatta said that the NRNs raised the issue of current crisis in the ICC meeting. “Majority of the NRNs feel that they have to internationalise the current crisis,” he said, adding that they had also planned a symbolic programme in all the 71 countries at the same time and on the same date. “But the ICC meeting did not endorse the agenda.”
However, Japan National Coordination Council (NCC) – in Bhatta's leadership – organised a symbolic programme in Tokyo.
After Nepal promulgated new constitution with 90 per cent majority on September 20, India has stopped movement of cargo trucks at its border points, blaming the protests Tarai-Madhesh districts. Nepal is not only landlocked, but also India-locked as the country is surrounded by India in the east, west and south. The behaviour of New Delhi with a small country like Nepal has not only affected lives of Nepalis but also left bordering Indian markets deserted.
Nepal Oil Corporation (NOC) – the state-owned oil monopoly – has been rationing petroleum products to manage the situation. Because of the Indian blockade and shortage of petroleum products, the country is going to lose more than what it lost from the devastating earthquake in April and May. Schools and industries have been shut down, and long queues have been formed at handful of pumps distributing fuel. The blockade has dealt severe blow on the already shattered Nepali economy.
Though NRNA has been involved in various activities under its charity programme, including the plan to rebuild 1,000 houses for earthquake victims within two years, it has to come up to help the country in situation like this.
The NRNA General Assembly and Global Conference that is being held in Kathmandu from October 14 to 17 is going to see around 1,500 delegates from various countries. The conference is also going to elect a new executive committee for a two-year term. But the conference will also have to come up with clear and concrete plans, apart from reconstruction and rebuilding, to help their motherland at this critical time. Because its their turn to help Nepal.

Ghale announces candidacy for NRNA president for second term

The incumbent president of Non-Resident Nepalese Association (NRNA) Shesh Ghale has announced his candidacy for the post of president for second term.
Addressing a meeting in London yesterday late evening, Ghale said that he is contesting for the presidential post in the 7th NRNA Global Conference to be held in Kathmandu from October 14 to 17 due to pressure from his friends. "There are many unfinished jobs," he said, adding that his continuation will help complete many unfinished jobs started by him.

On the occasion, Ghale, one of the successful businessmen and Australia-based billionaire, said that Nepal is passing through hard times after the devastating earthquakes and subsequent aftershocks. "Nepal needs to carry out reconstruction works effectively," he said, adding that the pending issue of migrant Nepali workers, knowledge and skill transfer, and construction of NRNA building are some of the unfinished jobs that need to be completed.
Thanking the government for providing citizenship to NRNs through new constitution, he said that the ball is now on the court of NRNs. "Now, it is the turn of NRNs to prove that we care for our motherland," he added.
Since its establishment, NRNA had been lobbying for dual citizenship. Though NRNs claim to have invested heavily in Nepal, there are only a few who have invested in their motherland.

Ghale, along with founding president Upendra Mahato, former president Jiba Lamichhane, incumbent vice president Bhawan Bhatta, and a couple of NRNs have invested in Nepal. Ghale is building a five-star hotel in Kathmandu. Prime Minister Sushil Koirala had laid foundation stone of the 17-storey five-star Sheraton Kathmandu Hotel in October last year.

The hotel is being built with investment of Rs 8 billion. The hotel, which is expected to come into operation in February 2018, is being built by MIT Group Holdings Nepal – a member of the Ghale Group of Companies – which has diverse businesses in Australia and other countries.
Ghale has also been appointed Nepal's special envoy for reconstruction in the aftermath of the devastating earthquakes that floored down thousands of houses, infrastructures and heritage sites.