First Business News Portal in English from Nepal
KATHMANDU: Sanima Bank Limited has received an overseas loan of US$ 20 million from the International Finance Corporation (IFC) under the World Bank Group.
Seeing the liquidity crunch, Sanima Bank had tried to bring in foreign loans in the last financial year by entering into an agreement with IFC. Sanima Bank has received this amount in this financial year after the approval of Nepal Rastra Bank and has placed itself in the category of limited banks to bring such loans.
IFC’s resident representative in Nepal, Babakar SFI has expressed its confidence that this investment in Sanima Bank will help in the economic revival of Nepal by facilitating access to finance for micro, small and medium sized businesses.
He said that investment from micro, small and medium businesses would lead to expansion and employment opportunities in this sector. He said the cash flow would also contribute to easing Nepal’s liquidity crisis and dwindling foreign exchange reserves. He added that IFC appreciates Sanima Bank’s firm commitment to develop the SME ecosystem in Nepal and looks forward to a long-term partnership.
Nischal Raj Pandey, CEO, Sanima Bank said that even in the current tough liquidity situation, the funds received from IFC will make it easier to provide loans to the MSME sector.
As per the agreement, this amount will be used to provide loans to micro, small and medium businesses. Based on the principle of inclusiveness and sustainable development, the bank will transfer this amount to the region.
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