Laxmi signs pact

KATHMANDU:

Sudesh Khaling, CEO of Laxmi Bank, and Sanjay Karki, country director of Mercy Corps Nepal, signed an agreement on Wednesday that will facilitate Laxmi Bank to open branches in three financially underserved districts, namely, Bhojpur, Salyan and Rukum. Under this partnership, Mercy Corps will support a portion of Laxmi Bank’s operating costs of these three branches until July 2015 through DFID-SAFAL project with the common objective of providing access to banking products and services including loans to entrepreneurs and small businesses operating in these districts. Laxmi Bank targets to provide financial services to a total of 3,486 people and disburse loans amounting to Rs 109 million. The Sustainable Access to Finance and Livelihoods (SAFAL) project is a part of DFID Nepal Access to Finance for the Poor Programme in Nepal. Mercy Corps has been supporting expansion of formal financial services in Nepal since 2007 and supporting Laxmi Bank for the expansion of Mobile Khata in Banke and Kanchanpur.

Source: THT