InnoCSR and NMB Bank Partners for Good Bricks System and its Faster Expansion in Nepal

InnoCSR, a South Korean material technology company, and NMB Bank of Nepal, have announced a new partnership together to boost and accelerate Good Bricks System (GBS) in Nepal, a non-fired brick production technology developed by InnoCSR using its Good Soil Stabilizer.

An MOU was signed today by Chief Investment Officer, Mr. Shreejesh Ghimire on behalf of NMB Bank and Chief Executive Officer, Mr. Sam Yoonsuk Lee on behalf of InnoCSR.

According to the MOU, NMB Bank will be acting as an agent bank for Good Bricks System related external funding from different sources including but not limited to Multilateral Development Banks, NGOs, Governments, and other financial institutions. NMB Bank will also provide financial support and assistance in the form of a financial products like loans, guarantees, blended finance and any other suitable products to the brick kiln owners for implementing Good Bricks System upon necessary due diligence and procedures. 

Good Soil Stabilizer, developed by InnoCSR, is a specialty chemical that enables binding between soil and cement to reach the required quality for bricks which meets strict international standards. Good Bricks System (GBS), brick producing process using Good Soil Stabilizer, uses hydraulic machines to press and produce bricks at an indoor factory, which delivers consistent quality of bricks throughout the year with no fire burning and only 1/10 the labor and land usage.

NMB Bank has emerged as a leading financial institution in Nepal driven by value-based approach, banking innovation, progressive business model and social obligations and aims to use finance to deliver sustainable economic, social, and environmental development. NMB Bank currently has 201 branches across Nepal and has a JV partnership with the Netherlands Development Finance Company (FMO).

According to Sam Yoonsuk Lee, the CEO of InnoCSR, Good Bricks System is becoming the only solution for Brick Kiln Owners to be sustainable and profitable in Nepal. With the recent coal and labor price hikes and frequent weather changes, brick producers have been under a lot of pressure. Good Bricks System is not only addressing the difficulties in the Brick Industry but also bringing various other benefits. It delivers more revenue to brick producers, quality products to end consumers, and cleaner air to the whole country.