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Kathmandu
/ Sanima Bank has received USD 20 million in External Commercial Borrowing
(ECB) from International Finance Corporation (IFC). IFC is the private sector
lending arm of the World Bank Group. Considering the liquidity crisis, Sanima Bank had made an
agreement with IFC to bring ECB in last financial year. The bank has received
the fund after approval from the Nepal Rastra Bank in FY 2022/23. Sanima Bank
has placed itself among the few banks which has received such foreign loans.
Bank has
received the message from Babacar S. Faye, IFC's Resident Representative in
Nepal, “This investment in Sanima Bank aims to support the economic recovery in
Nepal, by facilitating greater access to finance for SMEs. Helping SME will
notably enable them to grow and create more jobs” said Babacar S. Faye,
IFC's Resident Representative in Nepal. “At the same time, the cash injection
will also contribute to easing Nepal’s liquidity crunch and declining forex
reserves. IFC greatly appreciates Sanima Bank’ s strong commitment to
developing the SME ecosystem in Nepal, and looks forward to building a long
term partnership.”
Nischal Raj
Pandey, Chief Executive Officer of Sanima Bank, expressed his view that fund received
from IFC will make it relatively easier to provide loans in MSME Sectors even
in the current difficult situation of liquidity.
As per the
agreement, this fund will be utilized to provide loans to Mircro, Small and
Medium-sized Enterprises (SMEs). The bank intends to contribute towards the development
of this sector while being guided by the principles of inclusivity and
sustainability.
Sanima Bank is providing banking services from 127
offices and 120 ATM networks in all 7 provinces.
