Citizens Bank inks MoU with KFW Development Bank of Germany; to work as Nepali banking partner to disburse loans to needy MSMEs and female entrepreneurs

Citizens Bank has inked an agreement with KFW Development Bank of Germany to fund the Sustainable Economic Development in Rural and Semi-Urban Areas – MSME Finance Phase III (SEDRA III project where the German bank will provide Euro 35 lakh worth loan and Euro 5 lakh worth technical assistance.

Under this scheme, the Germany based bank will provide subsidized loans to rural entrepreneurs and female business owners to help their business grow. More than 21.5 thousand such entrepreneurs have received affordable loans of Rs 25 arba while nearly 2300 needy women have received loans of Rs 2 arba for them to begin and expand their business so far, as per the media statement.

The bank currently has 182 branches, 3 extension counters, 139 ATM booths, 6 POS terminals and 97 branchless banking units under its network all over the nation.