FNCCI Chair Dhakal urges investment of National Funds in job creation & infrastructure
Dhakal highlighted the need for these funds to be directed towards such endeavors for the country's economic growth.
KATHMANDU: Chandra Prasad Dhakal, the Chair of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), emphasized the importance of investing the country’s national funds, such as the Citizens Investment Fund (CIF) and Provident Fund, into productive sectors and areas that promote job creation.
Speaking at the 35th anniversary of the Citizens Investment Fund in Kathmandu on Monday, Dhakal highlighted the need for these funds to be directed towards such endeavors for the country’s economic growth.
Dhakal stated that funds like the Citizens Investment Fund, Provident Fund, Social Security Fund, and others should be used for infrastructure development, job creation, tourism promotion, and hydroelectric power projects.
He noted that over 52% of these funds are currently locked in fixed deposits with banks and financial institutions, urging that these funds be better utilized in areas such as employment generation and development projects.
In his address, Dhakal pointed out, “There are several funds like the Citizens Investment Fund, Provident Fund, Social Security Fund, and others, with over 52% of the total fund currently held in fixed deposits with banks and financial institutions. It is essential that these funds be mobilized in a way that aligns with the urgent need for job creation, infrastructure development, and services to the public.” He further elaborated on the significant financial pool, mentioning that around Rs 270 billion is held in such funds, with the Social Security Fund holding approximately Rs 100 billion and the Provident Fund holding a similar amount.
Dhakal emphasized that the utilization of these funds is essential for creating jobs and developing infrastructure.
He mentioned that while some funds are already being utilized in government-run companies, it is crucial to extend this investment to private sector projects as well. “We must focus on investing these funds in productive sectors that will generate employment and improve the country’s infrastructure,” Dhakal urged.
The FNCCI Chair called for a diversified investment approach, introducing new policies and strategies to utilize the funds efficiently.
According to Dhakal, these measures will contribute significantly to the country’s development and employment generation.
