Kantipur: NRNs to launch US$100m basket fund

The announcement was made at the end of the Doha Conference of the NRNs, which concluded on Saturday. The three-day regional conference attended by NRNs from Germany, America, Russia and Burma also endorsed the basic model of the fund. Discussion on setting up such a fund among NRNs living around the globe would begin shortly.

Once the fund is set up, NRNs can invest in social service and production sectors in Nepal through the fund. The fund can also be invested outside Nepal. NRNs participating in the first-ever regional conference said that the concept of the fund was forwarded to encourage collective investment in Nepal, as investments on an individual basis was risky. All Nepali people living in Europe, America, Middle East, and the Gulf can contribute to the fund. Even NRNs with low income can also invest in Nepal through the fund.

Aditya Jha, a Nepai Professor working in Canada, had floated the concept of the fund in the conference. The fund will have government representatives, Federation of Nepalese Chambers of Commerce and Industries (FNCCI), and Association of NRN and NRN investors as its operators.

Dr Upendra Mahato, President of International Coordination Council of Association of Non-resident Neplis, said that the discussion on setting up the fund has now begun from the regional conference in Doha. Dr. Mahato hoped that the fund would encourage NRNs to save their earnings. He also demanded the Nepal government to prepare legal framework to attract investment from NRNs.

Participants at the conference suggested that investment through the fund be directed to industrial and professional sectors in Nepal while others opined that such investment should also be made in social and religious sector.

Replying to Mahat’s demand, Minister for Industry, Commerce and Supplies Ishwor Pokharel announced the government would soon introduce an act that would facilitate investment of NRNs in Nepal. The government had committed to introduce such an act last year during the first conference of the NRNs held in Kathmandu.

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