Cabinet approves bill related to alternative development circles
The decision was made during a meeting held on Monday evening at the Singha Durbar.
KATHMANDU: The Cabinet of Ministers has approved a bill related to alternative development circles.
The decision was made during a meeting held on Monday evening at the Singha Durbar.
While speaking at an event in Kathmandu on Tuesday, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel stated that the government had recently prepared the bill to attract both domestic and foreign private sectors for investment in public infrastructure projects.
He further informed that the Cabinet meeting had approved the bill, which would soon be presented to Parliament.
The government is eager to have the bill passed quickly by Parliament, he added.
Minister Paudel expressed confidence that with the approval of the bill, domestic and international investors would be encouraged to invest in public infrastructure.
He emphasized that the bill would also address the challenges of resource management in infrastructure development.
The Finance Minister pointed out that relying solely on the government’s treasury was insufficient to meet the resource requirements for public infrastructure development.
“The challenges in resource management for public infrastructure development have become apparent in recent times. We cannot meet the growing needs in this sector relying only on government funds,” said Minister Paudel. “Therefore, the government has prepared this bill to attract both domestic and foreign private sector investments for infrastructure projects. The Cabinet has already approved the bill, and we will soon present it in Parliament. We hope for its swift passage.”
With the bill’s passage, the government believes it will be easier to attract investment for public infrastructure from both local and global investors, providing higher returns. Additionally, it aims to resolve the ongoing challenges in resource management for infrastructure development.
Minister Paudel also encouraged students to embrace the vision of building a prosperous future within the country, urging them to study and contribute towards the nation’s progress.
