BIRATNAGAR: The Koshi Province Government has launched the ‘Udaya’ project with the support of the Swiss government to promote small and medium enterprises and foster entrepreneurship in the province.
The project is expected to open a new path to economic prosperity while creating 3,000 jobs during its first four years. Business development services will be delivered through approved service providers, and a credit guarantee fund of Rs. 600 million will secure loans worth Rs. 8 billion.
A Challenge Fund of Rs. 280 million will also be mobilized to enhance promotional and competitive capacity.
In addition, the project will provide market-related information via an information portal. Under Udaya, loans ranging from Rs. 3 million to Rs. 30 million will be issued without collateral. The process of selecting banks to administer the loans has already begun.
According to the Koshi Province Government, the project aims to strengthen the province’s economic foundation through entrepreneurship and investment in local businesses. The working procedure for effective implementation has been completed, and the project has now entered its execution phase.
The provincial government plans to expand the Udaya project across all 14 districts of Koshi. In response to increasing migration from the hill regions, the project emphasizes supporting existing small and medium enterprises while encouraging the creation of new ones.
The government will mobilize around Rs. 8 billion in investment under a credit guarantee scheme. Bishnu Kafle, head of business development for the project, said the initiative is designed to run for 10 years, with the first phase spanning four years. Project Team Leader Arun Rana shared that preparations are in full swing and that the project will be widely promoted among aspiring and current entrepreneurs.
Dr. Mohan Subedi, Chief Minister’s Economic Advisor, said the Udaya project will help elevate the province’s economy and described it as an ambitious and strategic initiative launched under Chief Minister Hikmat Kumar Karki’s leadership.
Minister for Economic Affairs and Planning Ram Bahadur Rana expressed confidence that the project will drive market growth and the establishment of new industries.
Chief Minister Karki pledged to make Udaya a model initiative at the national level, describing it as a milestone for Koshi’s economic development.
He added that the provincial government is focusing on tourism and agriculture, with four trekking routes under development. He noted that the Udaya project will complement these efforts and contribute significantly to the province’s long-term prosperity.
Comment