NIC Asia exchanges long term loan mandate with International Finance Corporation (IFC)  

NIC ASIA Bank Ltd. and International Finance Corporation (IFC), a member of World Bank Group, exchanged a mandate letter. Mr. Roshan K. Neupane, Acting Chief Executive Officer of NIC Asia Bank Limited and Mr. Mohammed Rehan Rashid, Resident Representative of IFC exchanged the letter. The loan from IFC is subject to approval from the Nepal Rastra Bank.

 The International Finance Corporation assists developing countries to achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.

 With the anticipation of continuing stress on domestic liquidity and continued pressure on Balance of Payments (BOP), the liquidity outlook does not appear to be on optimistic side thus leading to inadequate deposits supply to support the credit growth required to secure targeted economic growth of the country. Therefore, the Bank has approached with international banks and financial institutions to secure a long term borrowings to facilitate credit growth in priority sectors. The Bank believes that this kind of initiation with IFC would open opportunities for domestic banks to borrow from international banks setting up a historic milestone in the Nepalese banking arena.

 The loan obtained from IFC shall be mobilized in extending credit to the productive sectors designated by the Nepal Rastra Bank, says the issued press statement.

 NIC Asia Bank is currently operating with wide network of 192 Branches, 195 ATM’s, 4 extension counter and 4 branchless banking across the country. The Bank is one of the top private banks in Nepal in terms of total asset size, deposit and loan portfolio. The Bank is also operating with high corporate governance standard, prudent risk management and internal control practices.