NMB Bank signs repeat Loan mandate with International Finance Corporation; receive financing of USD 25 Million

Wed, Jul 1, 2020 7:26 AM on Corporate, Latest,

NMB Bank Limited has signed a repeat loan mandate with IFC, a member of the World Bank Group for IFC Loan of USD. 25 Million. NMB becomes the only Bank in Nepal to receive consecutive financing from IFC over a span of two years.

This FDI will be the first of its kind being ushered into the country by a commercial bank in the current scenario and is set to give a morale boost in difficult times.

The mandate was exchanged between Mr. Sunil KC, Chief Executive Officer, NMB Bank Limited, and Mr. Santosh Pandey, Acting Resident Representative, International Finance Corporation, Nepal.

The credit line so extended shall enable NMB to meet the gap in financing being experienced by MSME/SMEs in the midst of the setbacks caused by Covid-19 and also to encourage new entrepreneurs in the said segments.

Loan size USD 25 Million shall be utilized to support the Government of Nepal’s growth plans and shall be invested in strengthening the priority sector industries, especially SME/MSMEs and Green Projects.