Five foreign companies have submitted their applications to Nepal Investment Board for developing five mega projects in the country. Investment worth of Rs 350 billion is expected to be poured into aviation, tourism, transport and other sectors.

According to Radhesh Pant, head of the board, US, Chinese, French, German and British companies are interested in financing these projects and talks with the companies will begin once the cabinet passes a regulation that will empower the board to make all decisions. Although Pant refused to divulge much information about potential investors, he says all five companies are financially and technically competent to carry out the projects.

In 2011, the Bhattarai government declared 2012-2013 as investment year and set an ambitious target of attracting Rs 80 billion in foreign investment. But business as usual has put off countless investors. For example the Sapta Koshi High Dam and Sunkoshi-Kamala multipurpose projects are still in limbo and the Indian government who was funding these initiatives is losing patience.