National Food Bank Inaugurated | Rs 2 Billion Investment

April 15, 2021 | Investopaper

The central office of National Food Bank, established in Nepal to market, produce and distribute agricultural products, was inaugurated on Thursday. The bank, which was set up at a cost of Rs 2 billion, will handle everything from food production to marketing and home delivery. The bank aims to lease land in all seven provinces and produce and sell food grains, fruits, green vegetables, fish, meat, curd, milk, eggs, cash crops, and herbs on its own.

Chairman of the Bank, Shankar Nath Upreti, informed that the bank was established with the objective of reducing dependence on agriculture and emphasizing organic production.

The bank currently has 590 promoter share members. Preparations are being made to increase the number to one thousand. Chairman Upreti informed that preparations have been made to issue IPO to the public soon after fulfilling the required criteria. It was established as a public company and has a strategic plan to involve young people from agronomists.

The bank is engaged in a campaign to increase agricultural production by leasing government barren lands, vacant lands of community forests and guthis, vacant lands near rivers and buggers, vacant lands under power transmission lines. It has made a strategy to produce by allocating pocket areas according to the provinces and is ready to start production with at least 1,000 bighas of land.

In the first phase, the bank is preparing to start agricultural production in 23 districts within the current fiscal year. For this, 600 bighas of land have been leased in different districts of the Terai. Production has already started in 13 districts including Kailali, Kanchanpur, Bardiya, Jhapa, Morang, Sunsari, Dhanusha, Chitwan, and Rupandehi, while preparations have been completed for additional land in Jhapa, Morang, Sunsari, and other districts.

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