Global IME, IFC sign US $ 56 million loan agreement

KATHMANDU, FEBRUARY 2: Global IME Bank Ltd and the International Financial Corporation  (IFC) under the World Bank Group have signed a loan agreement worth US $ 56 million in a program held today in the capital. As per the agreement, the former will provide the very credit amount to the latter to invest in the small and cottage industries operated especially by women, and climate-friendly projects in the country.

The proposed investment by the bank is expected to help revive the industries hit by the COVID-19 pandemic. Similarly, it can contribute to minimizing the impacts of climate change by promoting climate-friendly projects related to electric mobility,  climate-smart agriculture and solar power.

Speaking at the program, Chandra Prasad Dhakal, President of Global IME, said that the agreement will help the bank become more competitive at national and international levels. “Similarly, it could well facilitate Nepal to promote gender equality and tackle climate change.”

Babacar S. Faye, Country Representative for IFC in Nepal,  also viewed that the partnership between Global IME and IFC will go a long way in the empowerment of Nepali women operating businesses and solidifying Nepal’s efforts to mitigate the impacts of climate change.