Nepal Rastra Bank Governor Deependra Bahadur Kshetry has said that private sector banks in Nepal are not equipped with adequate capital to fund big hydropower projects.
While speaking at the Fourth International Hydro Power Convention in the capital, he said, “Presently, the total deposit in commercial banks in our market stands at Rs. 547 billion. That volume of amount is not sufficient to invest in big hydropower projects.”
As per the Priority Sector Lending program, commercial banks are providing loans for investors who invest in small hydropower projects with generation capacities of up to 50 kilowatts.
Uttar Kumar Shrestha, executive director of NEA, came up with the view that the government should provide its guarantee for the mobilization of investment in big projects through energy bonds and debentures.
Sandip Shah, president of the Independent Power Producers´ Association Nepal, said that the government should exempt all types of taxes for investments in the hydropower sector for at least the next 10 years.
Indian Ambassador to Nepal Rakesh Sood remarked that strong commitment towards hydropower development from the political leadership is must. nepalnews.com Apr 27 09
Satellite imagery from US space agency NASA on Sunday showed at least 420 forests across the country blazing under wildfire.
Similar picture on Saturday had shown wildfire in 400 places. Nepal’s wildfire is the largest and most dangerous in South Asia, according to the pictures taken by NASA.
A lot of flora and fauna have been destroyed by such fires leaving an adverse impact in the rich bio-diversity of Nepal.
Experts and concerned officials met at the Ministry of Forest and Soil Conservation Sunday to discuss the growing crisis ensued by the wildfires.
As per the advice of the experts, the ministry has decided to recommend the home ministry to declare a national crisis to help take the wildfires in control.
It has been necessary to lauch a national campaign to control such wildfires by declaring a national crisis and consulting all government agencies, Dr Krishna Chandra Poudel, director of Department of Forests said.
The department has directed all district forest offices to start taking the wildfires in control by coordinating with the district administration, Nepal Army, Nepal police and the locals.
Even though wildfires are normal phenomenon during the dry season in Nepal, incidents of wildfires have increased markedly this year compared to the previous year due to the prolonged drought.
Dozens of people have already lost their lives this year due to fire related accidents.
Thirteen army personnel were burnt to death in Ramechhap on Thursday and five locals in Gulmi died on Saturday when they were trying to extinguish wildfires in their area respectively. nepalnews.com Apr 27 09
The meeting of the legislature parliament on Sunday adjourned without entering into its agenda after the main opposition party Nepal Congress obstructed it.
NC leader Ram Sharan Mahat demanded immediate withdrawal of clarification taken with CoAS Rookmangud Katawal and announced his party would obstruct the House until the demand is met.
Earlier, an informal meeting of NC leaders at the residence of party president Girija Prasad Koirala Sunday morning had decided not to allow the proceedings of the parliament until the government withdraws the clarification taken with the Army chief.
CA members including Dina Nath Sharma, Shankar Pokharel and Raj Kishor expressed their opinions in the special time at the House before it was adjourned.
Speaking at the House, Maoist lawmaker Dina Nath Sharma said national and international regressive forces were trying to hamper civil supremacy by creating a hurdle in sacking the army chief.
The next meeting of the House is scheduled for 3 pm Wednesday. nepalnews.com ta Apr 26 09
Nepal Army has again dismissed speculations of military coup in case the government takes action Chief of Army Staff Rookmangud Katawal.
“The rumours of coup and curfew are totally baseless. Nepal Army will not stage coup,” NA spokesperson Brigadier Ramindra Chhettri told Radio Nepal, adding, “NA has always been committed to democratic system and will remain so.”
“I request national and international communities not to believe in the rumours,” he further said.
Separately, Chhettri invited journalists at the army headquarters Sunday evening to clarify the NA’s position on the current dispute. He asked all not to doubt the army’s allegiance to the interim constitution and the peace agreement. nepalnews.com mk Apr 26 09
Sunrise Bank Limited has on Sunday announced the launch of its two new schemes namely Sunrise Nava Barsha 2066 Muddati Patra and Sunrise Share Lagaani Khata for its customers.
According to the bank, the Sunrise Nava Barsha 2066 offers 9 percent interest rate and it can be opened with minimum deposit amount of Rs 500,000. Customers of this account will also be entitled to various other services of the bank at discounted rates.
“Similarly, in the wake of the bank’s Initial Public Offering (IPO) starting next week, Sunrise Lagaani Khata has been introduced with interest rate of 6.75 percent that can be opened with minimum balance of Rs 1,000 at all branches of the bank. This product is targeted towards the share investors.
Sunrise bank will be issuing Public Offering of 3.75 million shares of Rs 375 million from Baisakh 20th, 2066. The bank has so far mobilized over Rs 10 billion deposit with loan portfolio of some Rs 8 billion and investment of Rs 2 billion. During the nine months of the current fiscal year, the bank has posted
operating profit of Rs 100 million. The bank, which is the 23rd commercial bank of the country, has a network of 20 branches. nepalnews.com Apr 26 09
A day after arriving from New Delhi after consulting with his bosses at the South Bloc on the latest political developments in Nepal, Indian Ambassador Rakesh Sood met Prime Minister Pushpa Kamal Dahal for the fourth consecutive time Sunday.
The timing of the meeting is significant especially when it has taken place when the government is said to be planning to oust Chief of Army Staff General Rookmangud Katawal despite severe opposition from political parties including the main opposition Nepali Congress.
Key coalition partner CPN-UML has also urged the Maoist to seek consensus of political parties before taking any decision on the Army chief’s case
Sood had last week held number of parleys with PM Dahal on the Govt-Army row, wherein he reportedly warned the former rebel chief that his government will annoy New Delhi if it decides to relieve the Army chief from his post.
Earlier, PM Dahal met President Dr Ram Baran Yadav at Shital Niwas, the President’s office, and made it clear that the government is intent on taking action against General Katawal despite pressure from various quarters to forgo such a plan.
Thereafter, PM Dahal visited NC founding leader Krishna Prasad Bhattarai at the Norvic Hospital in Kathmandu where the latter is undergoing treatment for heart and kidney failure.
PM Dahal, who was accompanied by Finance Minister Dr Baburam Bhattarai, queried about the former prime minister’s health progress with doctors involved in his teaching.
Meanwhile, ruling Unified CPN (Maoist) lawmakers have expressed concerned over the unexpected rise in what they called as “foreign interference” in the country’s internal affairs after the government decided to take action against its army chief citing non-compliance of orders.
Speaking at the meeting of the Legislature-Parliament today, Maoist spokesperson and lawmaker Dina Nath Sharma claimed that Nepal’s sovereignty is in “serious danger” and that the republic, which is still in its infant stage, has become weak following the unnecessary foreign interference over the decision taken by an elected government.
Sharma, by making this kind of remark, was clearly hinting at the stand taken by Indian Ambassador Sood including envoys from US and European countries against government’s plan to sack the Army chief.
He also questioned whether the government should back down on a vital decision it has taken just on foreign pressure, and called on all to uphold “people’s supremacy” by backing the government’s move.
In yet another development, an informal meeting of the Maoist ministers called by PM Dahal at Singha Durbar appeared to second key coalition partner CPN-UML’s decision by reaching an agreement to take action against General Katawal only after taking major political parties into confidence on the issue. nepalnews.com ag Apr 26 09
Minister for Industry Asta Laxmi Shakya on Sunday said that political stability will remain elusive unless the country sees massive expansion of economic activities.
She said this while speaking at the concluding function of the five-day long the 20th National Industrial Expo.
The event was organised by the Cottage and Small Industries Development Board (CSIDB) in conjunction with NTB (Nepal Tourism Board), FNCCI (Federation of Nepalese Chambers of Commerce and Industry) and several other organizations.
Minister Shakya also stated that the government is serious to leverage the concept of public-private partnership (PPP) to conduct an industrial expo of SAARC (South Asian Association for Regional Cooperation) level in the country.
She expressed commitment that the government is firmly determined to promote small and medium enterprises to ensure sustainable economic development of the country.
Speaking on the occasion, Shyam Prasad Giri, Executive Director, CSIDB, stated the expo played pivotal role in enabling micro, cottage and small industries to promote their products at both national and international level.
“The event was also an ideal forum for these sorts of enterprises to expand their marketing channels, which can go a long way in enhancing competitive edge of domestic products,” he added.
Bhaskar Raj Rajkarnikar, vice president, FNCCI, pointed out the need to make the upcoming episodes of industrial expo more wide and professional in order to ensure steady industrialisation of the country. Some 357 micro entrepreneurs from 71 districts took part in the expowith their locally produced goods.
The expo, which was visited by more than a hundred thousand people, featured 175 stalls in total. The five-day show saw a transaction of Rs 20 million.
The organisers also gave away 15 Excellent Entrepreneurship Awards to the best exhibitors.
The fair displayed products such as traditional handicraft products, wooden, metal and stone artworks, handmade paper, pashmina, agro and forest-based products, herbal products and goods. nepalnews.com Apr 26 09
Tribhuvan University (TU) teachers staged hour-long sit-in programme in front of Singha Durbar Sunday afternoon in protest against the mistreatment of TU Vice Chancellor Madhav Sharma and Rector Dr Surya Lal Amatya by members of the Maoist-aligned ANNISU-Revolutionary.
The protesting teachers said they would be compelled to announce serious protest programmes if the students who smeared soot on the faces of the VC and the Rector were not punished.
After the sit-in, they submitted a memorandum to the Prime Minister demanding action against the students involved in the incident.
A group of ANNISU-R cadres had smeared soot on the faces of the VC and the Rector at the university premises on Wednesday protesting the fee hike announced the TU. nepalnews.com mk Apr 26 09
A well known Nepali singer from Assam, Anju Devi presented an impressive and power packed performance in Paleti at nepa~laya’s ‘r’-sala on the evening of Friday, April 24.
The evening started with a melodious chanting of Kavi Shiromani Lekh Nath Poudyal’s “Kaalo Mandakini Ko Jal Kalo.” Most of the songs penned by veteran Hari Bhakta Katuwal and compositions by stalwarts like Ambar Gurung, Bhupen Hajarika, Shanti Thatal and Narayan Gopal created a magical ambience.
Anju Devi, performing in Nepal after a span of 34 years said, “I was delighted by the offer to sing in the land of my forefathers. Though it was scheduled for 2008, I could not attend because of my health. I was determined not to miss the opportunity again.”
The audience was moved by the quiver in her voice while she poured out the anguish of her ancestors who had migrated from Dhankuta.
Anju Devi mesmerized the audience with more than a dozen numbers like “Yati Dherai Maya Na Deu”, “Shunyata Ko Kaalo Andhyaro”, “Maile Hernai Bhaena”, and “Timile Chahe Samjhera Pani.” She also presented two Assamese songs, “Buku Hamm Hamm”, the Assamese original which was popularized widely after Bhupen Hajarika and Lata Mangeshkar’s adaptation in Hindi was a treat to the ears.
In its 5th successive year, Paleti has been featuring a prominent music artist from Nepal and beyond on every last Friday of Gregorian calendar. Ace composer Ambar Gurung will be featured in May 2009 Paleti. nepalnews.com Apr 26 09
The ruling CPN-UML on Sunday finally came up with a formal position on the govt-Army row by concluding that political consensus should be sought before making any decision on the Army chief’s case.
The Standing Committee meeting that resumed at the party’s headquarters in Balkhu since early morning, however, decided not to back the plan of Maoist-led government, of which it is a key coalition partner, to sack the Army chief General Rookmangud Katawal.
A majority of the Committee members were against the idea, as they believed relieving the Army chief from his post prematurely will reflect badly on the army integration, constitution writing and the entire peace process, according to Shanker Pokharel, the UML secretary.
Likewise, UML general secretary Ishwor Pokharel said even as the Prime Minister is intent on sacking the army chief he cannot do so without taking other parties into confidence.
Although CPN-UML was to come up with an official view of the party on the Maoist move to sack the General Katawal on Saturday, it had failed to do so after majority of Standing Committee members including senior leader Madhav Kumar Nepal thoroughly opposed the Maoist plan.
The decision of UML appears cryptic as majority of political parties including main opposition Nepali Congress (NC) stand firmly opposed to the Maoist move, even warning that they will continue to obstruct House sessions until the government withdraws all plans to take action against General Katawal.
Some reports quoted sources as saying that UML is trying to find some middle path to resolve the Army-Maoist row by holding consultation with other parties following NC’s plea not to support Maoist plan to sack the Army chief.
The UML can either suggest the Maoist to stop further action against the Army chief by handing him a warning or opt for a “face saver” by picking General Chhatra Man Singh Gurung, third in line in the army peg, as the new Chief of Army Staff. nepalnews.com ag Apr 26 09