Unnati Financial Access Project launched

BIRATNAGAR, Feb 12: A new project -- Unnati Financial Access Project -- was launched on Wednesday to enhance financial access for agro products processing industries and exporters of seven eastern hilly districts.

The project worth Rs 1 billion has been launched with financial support of Denmark in cooperation with Nepal Rastra Bank (NRB). It will cover Ilam, Taplejung, Panchthar, Tehrathum, Dhankuta, Sankhuwasabha and Bhojpur districts.

Phanilal Chaudhary, team ;eader of the project, told Republica that the project will help farmers, agro products processing units and exporters of products like ginger, cardamom, milk and tea to access the services of banks and financial institutions (BFIs). He also said that they have already started selecting BFIs working in these districts to offer loans to the target groups. “We are currently identifying the BFIs to provide loan services to our target group. Very soon, they will be able to get loans from BFIs,” he added.

He said that around 250,000 people are expected to benefit from the project. “Small farmers, women and marginalized communities will get priority. Around 150,000 small farmers will get benefit from the project,” he added.

Chaudhary also said that the project will provide technical support to BFIs so that they can float loans to individuals, industries or firms at cheaper rates.

Source: Republica