KATHMANDU: The 64th meeting of the Investment Board of Nepal, chaired by Prime Minister KP Sharma Oli at his residence in Baluwatar today, approved several projects including the investment for the Muktinath Cable Car.

The board approved investment for constructing an 81.041-kilometer-long cable car with seven stations stretching from Seraphant in Parbat district to Muktinath in Mustang.

The project is estimated to cost NPR 5.764 billion and will be developed under a Build-Own-Operate-Transfer (BOOT) model by Muktinath Darshan Pvt. Ltd.

A committee led by Board CEO Sushil Gyawali has been formed to negotiate project development agreements and related terms with the company. Once operational, the cable car is expected to significantly boost local tourism and employment.

The board also decided to further study the detailed project report of the 750 MW West Seti Reservoir project, with an estimated investment of NPR 16 billion. Additionally, the board approved signing a memorandum of understanding with South Korea’s KORAIL Institute to explore cooperation in railway infrastructure, pending cabinet approval.

Investment approvals were also granted for several hydropower projects, including the 43.2 MW Chhilung Khola, 216 MW Bajhang Upper Seti, and 44 MW Bakan Khola hydropower projects.

Furthermore, the board decided to proceed with proposals for establishing a refined edible oil (cooking oil) industry in Janakpur and multiple IT parks at various locations.