<span style="color: #222222;">Nepal has decided to allow India's Satluj Jal Vidyut Nigam (SJVN) Limited to develop a second hydropower project in the country. </span><br />''<br />''At present SJVN is developing a 900-MW Arun -III hydroelectric project, a run-of-river located on the Arun River in Eastern Nepal, scheduled to be completed in 2024.<br />''<br />''An official statement said a meeting of the Investment Board Nepal (IBN) chaired by Prime Minister Pushpa Kamal Dahal Prachanda approved the draft project development agreement (PDA) to be signed with India's state-owned SJVN to develop the 669-megawatt (MW) Lower Arun Hydropower project in eastern Nepal.<br />''<br />''The development comes days before Prime Minister Prachanda's visit to India starting Wednesday. The draft needs to be endorsed by the Council of Ministers before it gets implemented.<br />''<br />''The previous meeting of the IBN had approved 92.68 billion rupees investment for the development of the project.<br />''<br />''<span style="color: #222222;">"The development of this 669-MW transformative project will prove to be a milestone for the socio-economic development of the country," according to the statement by the IBN.</span><br />