KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
NMB Bank signs repeat loan mandate with International Finance Corporation
NMB Bank Limited has signed a repeat loan mandate with IFC, a member of the World Bank Group for International Finance Corporation (IFC) Loan of $ 25 Million.
With this, the NMB has become the only Bank in Nepal to receive consecutive financing from IFC over a span of two years.
This FDI will be the first of its kind being ushered into the country by a commercial bank in the current scenario and is set to give a morale boost in difficult times.
The mandate was exchanged between Sunil KC, Chief Executive Officer, NMB Bank Limited and Santosh Pandey, Acting Resident Representative, International Finance Corporation, Nepal.
The credit line so extended shall enable NMB to meet the gap in financing being experienced by MSME/SMEs in the midst of the setbacks caused by Covid-19 and also to encourage new entrepreneurs in the said segments.
Loan size USD 25 million shall be utilized to support the Government of Nepal’s growth plans and shall be invested in strengthening the priority sector industries, especially SME/MSMEs and Green Projects.
NEPSE marks increase by 6%
NEPSE that started with a negative circuit record this week has seen a rise by 6% on Wednesday.
The share market entertained the increase by 6% in one and half hours of opening on Wednesday. According to Nepal Stock Exchange Ltd sources, the market indicator has reached at 1336.52 by increasing by 75.77 points.
The sensitive index that measures the market of large companies increased by 15.10 points, before having the circuit break at 287.02 points on Wednesday.
On Wednesday, there was a transaction of 1.11 million shares of 153 companies worth 407.352 million rupees.
ADB approves US$3 million grant to support Nepal against COVID-19
The Asian Development Bank (ADB) has approved a US$3 million grant from its Asia Pacific Disaster Response Fund (APDRF) to support Nepal in its fight against the COVID-19 pandemic.
The grant financed by the Government of Japan will be used for emergency support for the improvement of quarantine facilities to effectively manage the inflow of returning migrants, especially in the border areas, an ADB statement said.
The grant will support the procurement of laboratory and medical equipment, medicines, and infection control supplies.
“This assistance will support the government to better manage quarantine facilities and contain the spread of the virus in the country,” said ADB Country Director for Nepal Mukhtor Khamudkhanov.
Govt to provide Rs 200 to 15,000 cash relief to COVID-19 people
The government is making preparations to provide cash relief to the COVID-19 infected persons for their treatment.
The Ministry for Health and Population submitted a proposal at the Council of Ministers to this effect. Chief of Policy and Planning at the Ministry Dr Gunaraj Lohani said the government will provide Rs 200 to 15,000 as cash donation to the person infected with coronavirus as per the proposal.
According to the proposal, those who are staying in home quarantine will get Rs 200 per day, those in isolation centers will receive Rs 2,000, those undergoing treatment at the hospital will get Rs 3,500, those who are recommended for ICU will get Rs 7,000 and Rs 15,000 to those categorized as critical.
(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.
Comment