Kathmandu, December 28
For the first time, NMB Bank Limited has agreed to borrow US $ 12 million from Swiss
investment fund Emerging Markets (SIFEM). The bank is about to remit the amount to Nepal in collaboration with CIFEM and Swiss Government Development Assistance SDC.
A loan agreement was signed between Swiss Ambassador Elizabeth von Kepler, a
representative of the Bank and the Swiss Government Development Cooperation SDC, at a
function in the capital on Monday.
Signing the MOU, the Bank said that the investment made in the collaboration between SIFEM and SDC using expertise and coordination among Swiss institutions to advance development in Nepal would be a milestone in the history of Switzerland's long partnership with Nepal.
For this loan obtained from SIFEM, SDC has provided facility to SIFEM based on risk sharing. The agreement will help further diversify NMB Bank's investment sources, the bank said.
Especially in the current extreme liquidity crisis, the loan from SIFEM will be multi-purpose and the loan amount will be extended to small and medium enterprises, the bank said.
In addition, the bank will play a special role in increasing financial access, contributing to the development of the financial sector, assisting in increasing employment and facilitating the local economy.
By Karuna Thapa
