Kathmandu, June 30. NMB Bank Limited has signed a repeat loan mandate with with International Finance Corporation (IFC). As per agreement IFC, a member of the World Bank Group, will provide Loan of USD. 25 Million to the Bank.
By this agreement, NMB becomes the only Bank in Nepal to receive consecutive financing from IFC over a span of two years. According to the bank, this FDI will be the first of its kind being ushered into the country by a commercial bank in the current scenario and is set to give a morale boost in difficult times.
A press note released by the bank says, ‘the mandate was exchanged between Mr. Sunil KC, Chief Executive Officer, NMB Bank Limited and Mr. Santosh Pandey, Acting Resident Representative, International Finance Corporation, Nepal.’
The credit line so extended shall enable NMB to meet the gap in financing being experienced by MSME/SMEs in the midst of the setbacks caused by Covid-19 and also to encourage new entrepreneurs in the said segments.
The bank has committed that the loan size USD 25 Million shall be utilized to support the Government of Nepal’s growth plans and shall be invested in strengthening the priority sector industries, especially SME/MSMEs and Green Projects.