Kathmandu. Nabil Bank and Nepal in Business – Growth Advisors (NIB-GA) have entered into a strategic partnership to provide grants and technical assistance to SMEs. The partnership agreement was signed by Mr. Manoj Kumar Gyawali, CEO of Nabil Bank and Mr. Ratis Basnyat, Chief of NIB Program.
As part of the programme, the Foreign Commonwealth and Development Office (FCDO) will provide grants of ₹840 million (£4.5 million) to 40 SMEs through the NIB-GA, depending on the key regions and geography specified by the NIB. The grant support will help entrepreneurs to expand products and services and develop them into export-oriented enterprises.
CEO of Nabil Bank Gyawali said that such campaign will help boost the morale of small and medium enterprises. “The project aims to work closely with policy makers and entrepreneurs to develop small and medium enterprises,” he said, adding, “Under the project, Nabil Bank will provide SME loan and channel financing facilities to partner institutions.” ”
NIB-GA program chief Basnyat expressed his gratitude to Nabil Bank for managing the project in a systematic and transparent manner. “This type of collaboration can be applied to other projects of the same nature, and the government can also adopt such frameworks to increase the effectiveness of capital expenditure,” he said.
As per the partnership, Nabil Bank will be providing grants to entrepreneurs as the financial partner of the programme. The bank will manage its finances in a safe, transparent and effective manner for all its partner institutions. The program focuses on creating sustainable and productive jobs by strengthening SMEs by providing grants and technical assistance.
NIB-GA is a five-year project. The project is financed by UK International Development and implemented by DAI Global UK.
Nabil Bank is one of the pioneer banks in Nepal. Nabil Bank has been providing services to more than 25 lakh customers through 268 branches and 321 ATMs across the country. For the past four decades, Nabil Bank has been playing a pivotal role in initiating innovation in the Nepalese banking sector and also a milestone in the history of banking development of Nepal.
