KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The updates highlight significant developments across various sectors in Nepal. Startups will soon benefit from state-subsidized loans, with the Industrial Enterprise Development Institute (IEDI) receiving over 5,000 applications, signaling growing entrepreneurial interest.
Meanwhile, a new cooperative ordinance mandates transparency for savings over Rs 1 million, enhancing regulatory oversight in the sector.
Additionally, Nabil Investment Banking’s mutual fund has seen a slight decrease in its NAV, reflecting broader market conditions.
Similarly, Himalayan Bank’s relocation of its New Baneshwor Branch to Koteshwor reflects its expanding presence and commitment to improving accessibility for customers.
These initiatives point to the government’s ongoing focus on supporting business growth and financial sector modernization.
Startups to access state-subsidized loans from March
State-subsidized loans will be available to startups starting in March. Biswo Nath Ghimire, the Information Officer at the Industrial Enterprise Development Institute (IEDI), which oversees the startup promotion initiative, said that the institute called for proposals from startups in August.
The IEDI has received 5,158 applications through both online and offline platforms.
Currently, an evaluation committee is reviewing the submissions, and IEDI plans to release a shortlist of applicants and enterprises by mid-January. The government has allocated Rs1 billion this fiscal year to support startup growth.
Source disclosure required for Rs 1 million+ in cooperatives
Individuals with savings exceeding Rs 1 million in cooperatives must now disclose the sources of their funds, according to a new regulation.
This requirement stems from a cooperative ordinance signed by President Ram Chandra Paudel on Sunday.
The ordinance, which will become law once certified, establishes stricter rules for the cooperative sector.
However, it must be approved by both houses of the federal parliament. If either house rejects it, the ordinance will be invalidated. Additionally, the President has the authority to revoke it.
Nabil Investment Banking’s Mutual Fund Reports drop in NAV
The “Nabil Balanced Fund 2 (NBF2),” a 10-year closed-end mutual fund, has released its NAV report for the Nepali month of Mangsir.
As per the financial report, the fund’s NAV decreased to Rs. 11.33 at the end of Mangsir 2081, compared to Rs. 11.67 in the previous month.
The scheme, which initially had a fund size of Rs. 1.12 Arba, has allocated Rs. 96.35 Crores to listed company shares, Rs. 50.73 lakhs to non-listed shares, and Rs. 20.78 Crores to listed debentures. Additionally, it holds Rs. 8.32 Crores in bank deposits.
The fund reported a net profit of Rs. 14.50 Crores by the end of Mangsir, a decline from the Rs. 18.25 Crores reported in the preceding month.
Himalayan Bank moves New Baneshwor Branch to Koteshwor
Himalayan Bank Limited (HBL) has shifted its New Baneshwor Branch to Koteshwor, Kathmandu, and officially began operations under the new name, Koteshwor Branch.
The inauguration ceremony was conducted by Deputy Chief Executive Officer Anup Maskay, along with other executives and distinguished guests.
HBL now operates a network of 174 branches, 20 extension counters, 282 ATMs, over 8,000 POS terminals, and more than 15,000 remittance payment counters across Nepal.
(Prepared by Srija Khanal)
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