Section 51: Industry and investment promotion fund

1) The Government of Nepal establishes an industry and investment promotion fund, for the promotion and protection of industrial investment in the country.

2) The following amounts are credited to the fund under subsection (1):

(a) the amount received from the Government of Nepal,

(b) the amount received from any native person or organisation,

(c) returns of investments from or amounts in the micro, cottage and small enterprise development fund, micro, cottage and small industry loan disbursement fund, technology development fund, female entrepreneurship development fund, venture capital fund, sick industry rehabilitation, restructuring and management fund and industrial investment protection and promotion fund existing at the time to commencement of this Act,

(d) amount of bilateral or multilateral grant or assistance received from any foreign government, international organisation,

Provided that prior to obtaining a grant or assistance from a foreign country or international organisation, approval of the Government of Nepal, Ministry of Finance, shall be obtained.

3) The amount of the fund under subsection (1) may be spent in the following acts:

(a) development of micro-industries, cottage and small industries,

(b) development of technology,

(c) industrial promotion,

(d) rehabilitation, re-institutionalization and management of sick industries,

(e) development of women entrepreneurship.

4) When spending the amount of the fund in the acts under subsection (3), investment and expenses shall be made subject to the approved annual programme of the fund.

5) Other provisions relating to the operation and management of the fund shall be as prescribed.