KATHMANDU, JANUARY 8
Following amendment of the Environment Protection Act, the Ministry of Forest and Environment (MoFE) is amending the Environment Protection Guideline by raising the minimum investment threshold which requires EIA. Currently, the law requires mandatory EIA for projects with investment of above Rs 250 million.
The MoFE is raising the minimum threshold of investment that requires EIA following recommendations from the Ministry of Industry, Commerce and Supplies (MoICS) and other ministries.
The private sector had been urging government to raise minimum threshold of investment since long citing that EIA requirement for low investment projects has been discouraging small investors.
Following this, the MoICS had officially urged MoFE to raise the minimum threshold to Rs two billion.
Though MoFE officials said that investment threshold for EIA was the major issue to be addressed in the amendment of the Environment Protection Guideline and is likely to be raised to Rs two billion, projects with investment below this threshold will have to prepare the Initial Environment Examination (IEE) report.
Read the full news article on The Himalayan Times.