Kathmandu. British multinational commercial bank, Standard Chartered, has announced an investment of 40 million euros (about 6.44 billion rupees) in promoting sustainable development projects in Nepal.
The bank said in a statement that the 8-year social loan will provide loans primarily to small and medium-sized enterprises (SMEs), ensure access to finance, help create jobs, and empower and nurture women-owned SMEs.
Standard Chartered, which has issued the bank’s first social loan, has announced that it will invest in the development of India, Bangladesh and other emerging economies in South Asia, including Nepal. It recently raised 1 billion euros (about 151 billion 118 million rupees) through a social bond.
A large portion of this capital will be invested in India. According to the bank, 57 percent of the amount raised through the bond will be invested to promote India’s economy. In addition, Bangladesh (6 percent), Malaysia (10 percent) and Mainland China (5 percent) are planned to invest.
It will also finance access to essential services, including health care and education, and facilitate investments in affordable basic infrastructure and food security, in line with social activities specified in the Bank’s sustainable lending framework.
The Bank said in a statement that $420 billion in annual investment in emerging markets is needed to facilitate sustainable development, build resilience in businesses and communities, and facilitate sustainable growth. Mobilizing private sector capital in these markets is essential to bridge this gap, channeling finance towards key outcomes for inclusive, long-term prosperity.
