After forming a committee to appoint new chief executive at the Investment Board Nepal (IBN), the government has published a notice seeking application from aspirants.

The Prime Minister’s Office (PMO) on Saturday published a notice, mentioning required qualifications and term of reference (TOR) and asking interested candidates to apply within the next 15 days.

The notice has asked applications from candidates having a minimum of master’s degree in disciplines like economics, management, engineering, project analysis and corporate law.

A Cabinet meeting on Tuesday had formed the three-member panel under the leadership of Finance Minister Bishnu Poudel to recommend new CEO for IBN. Other members of the panel are National Planning Commission Vice-chairman Yubaraj Khatiwada and former secretary Keshav Bhattarai. The panel will shortlist three candidates and recommend their names to the Cabinet. The Cabinet will then appoint one among the three as the new IBN CEO.

IBN was set up as a one-step service centre for foreign and local investors willing to bring investment projects worth Rs 10 billion during the Baburam Bhattarai-led government. The same government had appointed Radhes Pant, a banker by profession, as its first CEO in August 2011.

The Sushil Koirala-led government extended Pant’s term for another four years, which was revoked by the KP Oli-led administration. But the government four months ago decided to let Pant continue to be at the IBN helm until the next arrangement is made. 

Pant, who left Kumari Bank as its CEO to join IBN, is credited for setting up institutional framework of the IBN and two important power development agreements (PDAs) with Indian developers GMR and SJVN to develop Upper Karnali and Arun III hydropower projects, respectively. 

As per the Investment Board Act, fast-track roads, railways, international and regional airports, fertiliser factories and petroleum refineries come under its purview. 

The board also oversees foreign investments coming in major projects and banks and financial institutions, medical colleges and hospitals above 300 beds, hydropower projects with more than 500MW capacity and special economic zones.