The Investment Board of Nepal (IBN) is on the verge of approving the $800 million investment proposal from Dangote Group to establish a cement factory in Nepal.

According to reports, the investment authority has concluded all preliminary work including a proper scrutiny of the proposal which led to the conclusion that the group is a serious investor and would be allowed to embark on its expansion programme.

“The next board meeting of the IBN will give the formal approval to the group which will pave the way for the company to initiate the project implementation,” said Radhesh Pant, chief executive officer (CEO) of the IBN.

He added that the Nigerian cement producer had expressed interest in setting up a plant in Surkhet district in western Nepal, and though several international investors have approached the board with investment interests, Dangote is the first to have made a concrete push by formally tabling a proposal.

If the board successfully grants the cement manufacturer the go ahead, it will be the first proposal to be approved by the IBN since its establishment over 2 years ago.

Dangote Cement – Africa’s largest cement manufacturer – is investing more than $4 billion to expand its production and import capacity to around 50 million tonnes a year by the end of 2015.

It is targeting a radical expansion plan across Africa which will include factories in Senegal, South Africa, Cameroon, Gabon, Benin, Ethiopia, Tanzania, Zambia and the Republic of Congo, while import and bagging facilities are planned for countries including Ghana, Sierra Leone, Liberia, Cote d’Ivoire and Togo.