Kathmandu, Jun 2
NMB Bank has signed an agreement with
Central Renewable Energy Fund (CREF) for Loan Loss Guarantee under Sustainable
Energy Challenge Fund for financing in Renewable Energy sector in Madhes,
Lumbini and Karnali provinces.
The fund at the Alternative Energy
Promotion Centre (AEPC) is established with the support of British Government
funded Nepal Renewable Energy Programme.
The arrangement is expected to scale up
renewable energy financing in the country with the bank able to secure 20 per
cent of the losses with the guarantee support, the bank said in a statement on
Thursday.
"Sustainable banking forms the cornerstone of the bank’s
vision for growth and prosperity in the nation with focus on the real economy
segments of micro, small and medium enterprises (MSMEs), agriculture, infrastructure
and energy," said the bank.
According to it, the bank supports the initiative of the government
to transform Nepal’s renewable energy infrastructure and supply system in a
sustainable manner, in an effort to reduce the reliance of the country on
electricity and fossil fuel imports.
NMB is also the handling bank of CREF
since January 2018.
“The partnership will provide much
needed support for scaling renewable energy financing in the country. This will
also be another stepping stone in the growth of green lending portfolio of the
bank.” said Sunil KC, Chief Executive Officer, NMB Bank.
Published in The Rising Nepal daily on 3 June 2022.
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