KATHMANDU: Nepal Rastra Bank (NRB) is issuing the ‘Development Bond 2087 Gha’ worth Rs 20 billion on November 4.

The central bank is working to issue the bond through a competitive process on behalf of the Government of Nepal.

Issuing a press statement Monday, the central bank said that the interest rate would also be determined through competitive bidding process. Bank and financial institutions, insurance companies, organized institutions and Nepali citizens can apply for the development bond.

Based on the development bond, its holders can receive and grant the loan by keeping it as collateral and the interest imbursement would be made bi-annually.

The interested firms and individuals can buy minimum Rs 50,000 while maximum bonds should be up to the total number of the bonds, which is divisible by 50,000.