NMB Bank signs MOU to support returnee migrant

NMB Bank has signed a tripartite agreement with National Youth Council and Returnee Migrant Nepal with the objective to promote youth entrepreneurship and to provide subsidized loan to returnee migrants in predominant sectors – agriculture, tourism, forestry, medicinal herbs, minerals, hydro and science and technology.

The three parties shall work to support in the implementation of the Ministry of Finance – Government of Nepal’s initiative to provide interest subsidy loan to promote entrepreneurship amongst the youth in the productive sector thereby opening avenues to generate employment/ self-employment opportunities amongst the youth.

The terms of the MOU dictate that, in accordance with the Integrated Working Procedure for Subsidised Credit 2018, subsidized loan upto a maximum of NPR.10 lakhs shall be availed to eligible returnee migrants in the coordination of Nepal Youth Council upon recommendation of Returnee Migrant Nepal.  The Bank shall also avail loans in sectors apart from the ones listed under the Subsidized Loan scheme. Additionally, the Bank shall also establish an Advisory Service Desk to provide advisory services to prospective customers, support in enhancing technical skills, introduce savings and loan products specifically designed for returnee migrants.

All three signatory institutions believe that this initiative will encourage migrant workers abroad to return home and utilize the skills acquired to generate employment opportunities and support in building a prosperous Nepal.