November 11, 2020 | Investopaper
Muktinath Bikas Bank, Nepal Rastra Bank and KFW Development Bank have signed a tripartite agreement. German Government Supported Project “Sustainable Economic Development in Rural and Semi-Urban Areas – MSME Finance Phase II (SEDRA II), is operated by the Finance Ministry of Government of Nepal and the German Financial Development Corporation.
The agreement has been signed by Mr. Pradyuman Pokhrel, Chief Executive Officer of Muktinath Development Bank and Dr. Prakash Kumar Shrestha, Head of Microfinance Supervision Department of Nepal Rastra Bank.
In view of the important role of small, medium and medium enterprises in the economic development and job creation of the country, Muktinath Bikas Bank will provide loans to the small, medium and small enterprises mainly in rural and semi-urban areas under Far West, Karnali and Lumbini.
The project will provide finance and liquidity facility (loan facility of Rs. 2 lakh to Rs. 40 lakh) especially in the areas most affected due to COVID-19. The project aims to develop entrepreneurship and provide sustainable and equitable economic development through small and medium enterprises by providing financial access in times of crisis.
Muktinath Development Bank, one of the leading development banks, has been providing services through 138 branch offices in 42 districts. The bank also said that customers of the bank can withdraw money from any bank’s ATM under VISA Network without any charge.