About Us

Nepal Development Fund (NDF) is a collective investment scheme.

Nepal Development Fund (NDF) was founded with the aim to facilitate investment by NRN in a collective investing scheme and to bring capital, knowledge, and technology to Nepal…..Read more

Our Vision, Mission, and Values

We aim to be trusted partner of every Non-Resident Nepalis for investments in Nepal and become the leader in asset management.

Our mission is to, through our daily operations and the projects we invest in, responsibly create a social and environmental impact in Nepal.

VISION
We envisage NDF playing aleading, active role in Nepal’s development story.

MISSION
Our mission is to improve the quality of life for every Nepali.

VALUES
We are committed to adhering to the highest standards of transparency and accountability.

Keeping in line with our mission of improving the quality of life for every Nepali, we have three major goals.

1. We aim to bring to Nepal investments from NPR 10 billion to reach NPR 50 billion.
2. We aim to go public by issuing public shares.
3. We want to play an active role in Nepal’s development story.

In addition, we also aim to engage in green financing, participate in development activities, invest in basic agriculture projects, and provide line of credit with or without options of equity conversion.

Our goal is to create shared value, i.e., create economic value for our investors but in a sustainable manner that also creates value for society.

Our Goals

We aim to develop an in-depth knowledge of infrastructure projects and associate technologies so that we fully understand the financing needs and associated risks in the sector. This will enable us to formulate innovative financial products and services, including sourcing appropriate funds, effectively addressing the financing needs, and mitigating/hedging associated risks.

Corporate Governance

A public limited entity, NRN Nepal Development Fund (NDF), is a commercial investment company governed by the provisions of the Company Act and Non-Resident Nepali Act, and Public-Private Partnership and Investment Act…..Read more

Leadership

Board of Directors Message from Chairman Message from CEO Our Teams

Dr. Upendra Mahato

Chairman

Dr. Mahato is a well-known philanthropist and international entrepreneur with business ventures in many European, Asian, and African countries. He is the founding president of the Non-Resident …

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Mr. Rajeshwor Gyawali

Director

Mr. Gyawali joined Civil service in 1998. He
served in different Capacity : Ministry of Culture, Tourism and Civil Aviation, Ministry of Home affairs, Ministry of industry, commerce and supplies,…

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Dr. Badri Key-Si

Director

Dr. Badri Key-Si is one of the longest-serving proponents of the NRNA movement and now holds the position of Vice-President at NRNA International Coordination Council…

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Kumar Pant

Director

Mahesh Kumar Shrestha

Director

A permanent resident of Japan, Shrestha is currently pursuing his doctorate degree at Kaetsu University, Tokyo. He graduated with masters’ degrees in sociology and anthropology…

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Sonam Lama

Director

Sonam Lama was born in Mustang, Nepal, and  he now lives in New York, the US. Lama is a well-known philanthropist and entrepreneur with many business ventures in the US and Nepal …

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Dr. Upendra Mahato
Chairman

Let us join hands and be a part of Nepal’s economic transformation.

With the establishment of Nepal Development Fund (NDF), a long-awaited dream of the Non-Resident Nepali (NRN) community has been realized. We had started the NRN movement with a vision to be a part of Nepal’s development journey and collectively contribute towards peace and economic transformation of our country. The movement
led to formation of NRN Association, which quickly became a common platform for all Nepalis dispersed across the globe and yet connected by a common vision of making Nepal a peaceful and prosperous nation.

Being a first-generation diaspora, our individual strength is limited; however, collectively, we are a formidable community with a presence in almost 90 countries across the world. The NRN Association provides a platform for incubation and assessment of ideas, sharing and forging partnerships among members of the diaspora, and their materialization both in Nepal and abroad. A majority of the initiatives undertaken by NRNs, individually or collectively, is mainly focused on getting the diaspora actively involved in the journey of Nepal towards a prosperous future.

It is against this backdrop that Nepal Development Fund was conceptualized and realized in partnership with the Government of Nepal. The fund is an economic platform that taps the community’s financial strength, corporate culture, knowledge of technology and good governance, and explores innovative collaborations with Nepali businesses.

The rich natural and cultural heritage of Nepal provides the tourism industry with a huge growth potential. The communication, energy, infrastructure, green urban development, and financial sectors are also prospective areas of investment. In collaboration and cooperation with local partners, we are committed to explore and harness these sectors for the sustainable development of Nepal through private equity, debt, and other financial derivatives. With our investments in projects, we also aim to attract international partners to invest in Nepal.

We benefit from a number of unique advantages, including a diverse group of reputed shareholders and a board consisting of people with a vast national and international business experience. We are one of the first Nepali private equity companies with a dedicated team of pre- and post-acquisition specialists. Through a combination of
entrepreneurial spirit, professional excellence, and in-depth understanding of the economy, we will excel in the field by developing multiple projects with an active participation of both local and international investors, and with a focus on operational improvement and expansion, we will accelerate our portfolio and improve profitability.

We will continue to pursue new investment opportunities that maximize value creation for our stakeholders even in an uncertain economic climate. We are confident that our existing and prospective investors and shareholders will continue to regard us as the partner of choice in their quest for an opportunity to be an active part of Nepal’s economic transformation.

Anal Raj Bhattarai
CEO

For any business, faith, intelligence, discipline, vision, courage, determination to succeed, persistence in the face of inevitable obstacles and ultimate belief in human ability are the foundation of success. Our business evolves from those foundation.

In this time of unprecedented change, we are committed to leveraging our strong global network and adapting our business models, products, and strategies to the needs of today. By mobilizing the deep experience and competency of our people, we will meet the challenges and move determinedly forward. Our experienced & professional team will navigate it to a greater height.

NDF is established by a visionaries willing to look beyond the short term, having the ability to visualize a different tomorrow, and using their own set of unique tools of intellect and experience to make that future a reality.

NDF strives to be “Trusted Partner for Development” through its strategic investments in growing sectors, covering infrastructure, energy technology, urban development, transport, communication, financial sector. Following our “Greener & Smarter Strategy”, we focus on making our business more environmentally-friendly and leveraging smarter technology and innovation. We will provide distinguished and competitive financial services or products suitable to various Green & Smart investment opportunities. We will expand our portfolio of green investment, while developing preparedness skills for our employees through a strong corporate culture. 

We are committed to conducting a sustainable business and strive to create more opportunities for investments that embodies NDF’s aim to walk a path of unbound excellence to support National Development.

I kindly ask for your supports throughout our new journey with “NRN Nepal Development Fund”.

Anal Raj Bhattarai
CEO
CEO
Anal Raj Bhattarai completed Chartered Accountancy from Institute of Chartered accountants of India in May 1995. He has since been involved in banking, corporate advisory, and policy advocacy. Bhattarai has a wide array of practice areas ranging from local to foreign investment management and establishment of banks.

Over the years, he has established three banks. He served as the founding Chief Executive Officer (CEO) of Commerz and Trust Bank Nepal Ltd and Sanima Bank and as the founding general manager of Clean Energy Development Bank. With years of experience as a CEO, he keeps abreast of the economic development of Nepal, with an in-depth insight on development in Nepal. His unique insight has helped banks under his leadership to grow and flourish. He had served Nepal Bank Limited as its chief manager. As a Certified Trainer of Microfinance (MFTOT), he has conducted diagnostic review of few microfinances.

He is a national council member of the Confederation of Nepalese Industries (CNI) and the convener of Banking and Finance Committee of CNI. He has worked as a senior financial sector advisor and financial market expert at the Financial Sector Stability Programme and Nepal Energy Efficiency Programme (NEEP). He has served as a senior advisor at various national and international organizations.

In addition to this, he has been instrumental in suggesting and advocating various policy reforms. He strongly believes that knowledge sharing and disseminating knowledge to the business fraternity and stakeholders, through academic presentations and publications, will improve the business environment. He firmly believes that human resources are the most valuable assets for the success of organization
Lajula Maharjan
Company Secretary
Senior Associate (Pioneer Law Associates)
Lajula Maharjan has been practicing commercial law for more than six years. She has been associated with Pioneer Law since 2018. She has been involved in the corporate team of the firm. She regularly advises client on diverse transaction matters, including foreign investment, project finance, and corporate compliances. She has been involved in conducting legal due diligence, transactions in relation to acquisitions, foreign loan investments, share transfers, technology transfers, preparing legal opinions, and drafting and reviewing corporate documents, including various form of agreements, and conducting research on issues relating to foreign investment, corporate compliances, and other diverse commercial matters. She has also been involved in commercial litigation on behalf of various local and international clients.
Partner Banks

Dr. Upendra Mahato

Chairman
International Entrepreneur and Philanthropist
Chairman ( Nepal Mediciti )

Dr. Mahato is a well-known philanthropist and international entrepreneur with business ventures in many European, Asian, and African countries. He is the founding president of the Non-Resident Nepali Association. In addition, he is the president of the Russia-Nepal Chamber of Commerce and Industry.

Dr. Mahato has national investments in hydropower, banking and financial Institutions, healthcare, communication, agriculture, and tourism. He is also actively engaged in philanthropic activities in the sectors of education, health, and culture.

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Mr. Rajeshwor Gyawali

Director
Education

Master in International Trade, Korea, LLM degree in IPR Law Italy,

Mr. Gyawali joined Civil service in 1998. He served in different Capacity : Ministry of Culture, Tourism and Civil Aviation, Ministry of Home affairs, Ministry of industry, commerce and supplies, Office of Prime Minister, Ministry of Economic Affairs and Planning, Sudurpachhim Provience , Kathmandu Metropolitan City Office, Ministry of Finance.

Gyawali is a Master Degree holder of International Trade from Korea. He also has LLM degree in IPR Law from Italy.

Gyawali has an experience of more than 24 years in Civil Service, Government of Nepal.

Dr. Badri Key-Si

Director

Dr. Badri Key-Si is one of the longest-serving proponents of the NRNA movement, and he now holds the position of vice-president at NRNA International Coordination Council. Armed with a Ph.D. in Biotechnology from Moscow State University, Dr. Key-Si opted for a prolific career in business while growing up as a young intellectual of Nepali diaspora in Russia. His foray into the branding of Nepali tea in international markets has made a mark in two decades, and this feat has spurred him on to take initiatives in clean energy, tourism, micro-finance and digital technologies.

Born in Kathmandu in 1970 and currently based in Moscow, Dr. Key-Si’s engagements with the Nepali diaspora are also characterized by this impressive work during the earthquake in 2015 and the Covid-19 pandemic. He led the worldwide rescue and relief campaign that mobilized a staggering 25,00 NRNA volunteers, supporting over 20,000 Nepali workers in distress.

Dr. Key-Si is passionate about social works and dedicated to representing greater Nepalese interests in all fronts.

Jiba Nath Lamichhane

Director

Jiba Lamichhane was born in 1967 in Chitwan. He is a civil engineer by academic degree and an entrepreneur by vocation. Mr. Lamichhane graduated from Moscow State University of Civil Engineering in 1992.

Jiba Lamichhane is one of the founding members of Non-Resident Nepali Association (NRNA). Established in 2003, NRNA is a global organization of Nepali Diaspora which unites over 5 million people of Nepali origin with chapters in over 82 countries around the globe. Mr. Lamichhane was unanimously elected as the President of International Coordination Council (ICC) of Non-Resident Nepali Association (NRNA) in 2011. 

In 2011 he was appointed as a member of the Economic Advisory Council to the Prime Minister of Nepal, Dr. Baburam Bhattarai from November 2011 to March 2013. Currently he serves as a member of the Advisory Council for Promotion of Industry and Commerce-ACPIC chaired by the Prime Minister of Nepal Shree KP Sharma Oli. Lamichhane was awarded one of the highest state awards, Prawabl Jansewashree’ in 2013 by the first president of Democratic Republic of Nepal, Dr Ram Baran Yadav. 

Besides this, he is also associated with numerous other social and charity organizations both at home and abroad. Currently Mr. Lamichhane lives in Germany, where he is associated with the Trip Inn Hotels group.  

Sonam Lama

Director
Sonam Lama was born in Mustang, Nepal, and  he now lives in New York, the US. Lama is a well-known philanthropist and entrepreneur with many business ventures in the US and Nepal. He is the vice president and head of Philanthropy and Humanitarian Assistance Department of the Non-Resident Nepali Association (NRNA) International Coordination Council (ICC). He has served NRNA as the regional coordinator from 2015–2017, as the deputy regional coordinator from 2013–2015, and as the ICC member of National Coordination Council (NCC) USA for two terms, 2009–2011 and 2011–2013.
 
Lama is also the coordinator for the distribution of Covid-19 Logistics in Nepal and for the Laprak Model Settlement Project (LMSDP)—this project of building 573 identical houses for the beneficiaries of 25th the 2015 earthquake victims was successfully completed under his leadership and the houses were handed over to the beneficiaries in April 2021. He has also, in an individual capacity, constructed the largest stone statue of Lord Buddha at Muktinath, Nepal.
 

Mahesh Kumar Shrestha

Director
A permanent resident of Japan, Shrestha is currently pursuing his doctorate degree at Kaetsu University, Tokyo. He graduated with masters’ degrees in sociology and anthropology from Tribhuvan University (TU), Nepal and a diploma in civil engineering from TU. He was the treasurer of NRNA from 2019 to 2021. He has been a director of NRN Infrastructure and Development Ltd and of Himalayan Power Partner Ltd, a hydropower project.
His other engagements include the following.
In Japan
  1. President and CEO, CITY EXPRESS MONEY TRANSFER JAPAN CO. LTD.
  2. President, TONAN Co. Ltd. Japan (Indian and Nepalese Restaurant)
  3. Director, JNN AGRO Co. Ltd. (KIWI Fruits), Japan
  4. Director, City Travel and Tour Co. Ltd. Japan
  5. Director, CE Human Resources Co. Ltd. Japan
  6. Promoter and advisor of Everest International School Japan
In Nepal
  1. Director and promoter of City Express Group companies as listed below.
    • City Express Money Transfer Pvt. Ltd. Nepal
    • City Express Management Pvt. Ltd. Nepal
    • City Tech Pvt. Ltd. (IT Company) Nepal
    • City Express Trading Pvt. Ltd. (Export Import Company), Nepal
    • City Investment Fund Pvt. Ltd. Nepal