KATHMANDU: The International Finance Corporation (IFC) says it would support revitalize Nepal’s private sector that has been weakened due to the impact of coronavirus.
Wendy Werner, IFC’s country manager for Nepal, Bangladesh and Bhutan, said Nepal’s private sector has a crucial role to play in the current situation.
He added that Nepal’s service sector, including tourism, has been adversely affected since the beginning of COVID-19.
IFC is a sister organization of the World Bank (WB) and member of the World Bank Group.
It is also the largest global development institution focused on the private sector in developing countries.
Werner stated that small and medium enterprises would play a significant role by creating employment in the economy that has been adversely dented by the pandemic.
He maintained that IFC would play a supportive role in Nepal adding that IFC has forwarded a total package of 48 million US Dollars to fight against economic damage caused by coronavirus pandemic globally.
The IFC has been providing assistance to 300 organizations from this package.
IFC has been supporting the banks and micro finance companies run by the private sector in Nepal. Werner also informed that the IFC shall support the small and medium enterprises as well this year.
IFC’s investments in Nepal will reach 500 million US Dollars by the end of this year. It has the goal of investing 1.2 billion in the private sector of Nepal by 2023.
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