SCBNL, ADB partner with CLBS for promoting financial inclusion

KATHMANDU, SEPTEMBER 30 :  Standard Chartered Bank Nepal Limited ( SCBNL) along with the Asian Development Bank (ADB) has partnered with CLBSL, a microfinance institution in Nepal, under an unfunded risk participation agreement. This partnership, the first of its kind in Nepal, aims to expand financial access in rural areas by providing credit for income-generating activities and fostering economic growth in marginalized communities.

The signing ceremony, held today, was attended by senior representatives, including ADB’s Country Director (CD) for Nepal, Arnaud Cauchois; the management team from CLBSL; and the Chief Executive Officer (CEO), Deputy CEO, and senior Financial Institutions (FI) team members from SCBNL.

During the ceremony, Arnaud Cauchois stated, “I am pleased to announce the launch of ADB’s Microfinance Program (MFP) in Nepal under the Bank’s private sector operations. I am convinced that the MFP will promote financial inclusion and reduce gender disparities by providing financing solutions to poor and marginalized women, which is one of ADB’s priorities in the country, through CLBSL as the first partner institution under MFP.”

Similarly, ADB Director General for Private Sector Operations, Suzanne Gaboury, said, “By collaborating and leveraging innovative strategies, we can tackle poverty at its roots and create opportunities that uplift communities. ADB is delighted to expand its partnership with SCBNL to support microfinance institutions in Nepal through its Microfinance Program. This first transaction, supporting SCBNL’s financing to CLBSL, will benefit over 5,000 women micro-borrowers.”

Likewise, Deepak Nidhi Tiwari, CEO of CLBSL, stated, “The use of these funds is focused on initiatives that boost self-employment activities in marginalized communities in rural Nepal. Consumer protection is a major focus area for all activities under this program.”