NMB Bank signs mandate with IFC

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KATHMANDU: NMB Bank Ltd has signed a repeat loan mandate with International Finance Corporation (IFC), a member of the World Bank Group, for IFC loan of $25 million.

NMB has become the only Bbank in Nepal to receive consecutive financing from IFC over a span of two years, as per a media release.

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.

The mandate was exchanged between Sunil KC, chief executive officer of NMB Bank Ltd and Santosh Pandey, acting resident representative of IFC, 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.

A version of this article appears in e-paper on July 1, 2020, of The Himalayan Times.

The post NMB Bank signs mandate with IFC appeared first on The Himalayan Times.

Written by Sureis
This news first appeared on https://thehimalayantimes.com/business/nmb-bank-signs-mandate-with-ifc/ under the title “NMB Bank signs mandate with IFC”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.