Indian Private Sector Supports Quake-hit Nepal

Indian Private Sector Supports Quake-hit Nepal

July 12, 2015, 5:45 p.m. Published in Magazine Issue: Vol: 09 No. -2 July. 03- 2015 (Ashad 18, 2072)

Nepal, which was hit by a massive quake in April this year, has estimated USD 20 billion to rebuild itself and sought support of India's private sector.

"We have estimated USD 20 billion to rebuild the country to a new level and are seeking private players from India to invest," said Binod Chaudhary, president emeritus, Confederation of Nepalese Industries (CNI), on the sidelines of an event called 'Rebuild Nepal' organized by Ficci in Mumbai, India.

The earthquake killed thousands and damaged property to the tune of USD 7 billion. India already pledged USD 1 billion in assistance to Nepal for its massive reconstruction program in June reports in Business Standard.

"The country seeks investment in rebuilding of infrastructure, tourism, agriculture, health and mining sectors as part of redevelopment. Nepal has adopted liberal economic policy, 100 per cent foreign direct investment (FDI) will be allowed in several sectors to attract investment," Nepalese Ambassador to India Deep Kumar Upadhyay said.

"Nepal provides a big opportunity in the hydropower sector. It is also constructing several domestic as well as international airports and express highways, which should attract Indian investors," Upadhyay said.

Upadhyay lauded Prime Minister Narendra Modi's efforts of prompt rescue and relief operation within six hours of the 7.9 magnitude quake reports Indian media.

The top donors of the country are the US, the UK, India, China, Thailand, Australia, Switzerland, the EU and the UN.

 

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