High interest rates, liquidity crunch leave businessmen helpless

Kathmandu, Oct. 21

A furniture entrepreneur running nation-wide business has downsized its human resources by almost two-thirds in the last six months since the beginning of the Nepali New Year 2079 that started in mid-April.

The company had hired more than 80 personnel at various levels last year with the aim of expanding the capacity of its production plant and install a couple of new machines outside the Kathmandu Valley.

But in the wake of the liquidity crisis that has been crippling the market for the last one-and-a-half years in the immediate aftermath of the coronavirus pandemic, the company failed to manage the much-needed finance required to expand the business.

As the banks continuously expressed their inability to provide the financing to the businesses and the managers were tired of lingering the business in a hope of the revival of the financial market, the company ultimately decided to cut-down the human resources.

Even worse, another entrepreneur shut his recently launched start-up as he failed to obtain bank loan and dare not to have it at the current interest rates, and joined a job at a private company.

The liquidity crunch at the financial system and soaring interest rates have begun to hit not only the entrepreneurs but also the entrepreneurship.

The banks and financial institutions (BFIs) had mobilised about Rs. 450 billion in loans in the first six months (from mid-July 2021 to mid-January 2022) of the last fiscal year 2021/22. But the numbers came down to just Rs. 55 billion in the second half of the year. It means the BFIs do not have enough money to finance a business or any other project.

The private sector has responded to the situation quite aggressively. Three large associations of the business community – Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) have been continuously demanding that the Nepal Rastra Bank (NRB) and the government should devise a strategy to bring down the bank interest rates.

While the banks are charging up to 16 per cent interest rates on their loan products and the businesses are fearing that the rates would soon climb up to 18 per cent. “The shortage of liquidity has pushed the base rate up and if the banks charged an additional 8 per cent premium on it, there is a risk of interest rates reaching 18 per cent,” president of the FNCCI, Shekhar Golchha told journalists a couple of days ago.

On Bhadra end, the base rate was 9.25 per cent and spread rate was 4.38 per cent. In a year period, the bank interest rate has increase as much as by 70 per cent. “It has caused about 70 per cent drop in the business and production as well,” said Golchha.

Meanwhile, on Friday, entrepreneurs of Bhaktapur district had submitted a memorandum to the District Administrative Office there against the high interest being charged by the BFIs. This exhibited the helplessness of the entrepreneurs as the DAO is not the concerned body to control the bank interest rates.

Presenting the memorandum to the Chief District Officer Rudra Devi Sharma, Vice-President of Bhakta Chamber of Commerce Kavi Das Shrestha said that they were facing the crisis of life in their business due to the soaring interest rates.

Considering the current effect of the interest rate and the past experience, the industrialists have also demanded adoption of a policy to keep the interest rate within the desired limit, a statement issued by the NCC read.

Likewise, it has been demanded that banks and financial institutions should reduce the existing spread rate and add a minimum percentage of premium to the base rate of the loan as well.

However, a Chief Executive Officer of a finance company said that the situation would not be damaging as the business community has been trying to demonstrate. “But some banks have been trying to get benefit using the crisis,” he said, maintaining that most of the bankers are now thinking that further hiking the interest rate would only deepen the crisis.

Meanwhile, the NRB has maintained that the fixing interest rate has been left to the market and the demand and supply will determine it. Likewise, a task force formed by the Ministry of Finance has recently suggested adding only 2-4 per cent premium to the interest rates. 

 Published in The Rising Nepal daily on 22 October 2022. 

NMB to get Rs. 13.2 billion MSMEs financing loan

Kathmandu, Oct. 20

International Development Finance Corporation (DFC) of the United States of America has approved USD 100 million (Rs. 13.2 billion) direct loan to NMB Bank, the largest of its kind for a Nepali bank to cater to the financing need of Micro small and medium enterprises in Nepal (MSMEs) in Nepal.

NMB Bank-DFC partnership will assist the MSME ecosystem of Nepal in creating sustainability through entrepreneurship focusing women as priority, thus, generating employment and livelihood opportunities, the bank said in a statement on Thursday.

NMB Bank said that it is the first ever bank in Nepal to bring the international funding to the productive and priority sector of Nepal. Also, after the onset of current liquidity gap, the bank expects to contribute to the financial needs of the economy.

NMB Bank has already on-boarded nine development finance institutions (DFIs) including DFC for total borrowing size of US$ 301.50 million directed towards hydropower, renewable energy, agriculture and small and medium enterprises.

DFC is America’s development finance institution that partners with the private sector to finance solutions to the most critical challenges facing the developing world. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology as well as small businesses and women entrepreneurs in order to create jobs in emerging markets.

 Published in The Rising Nepal daily on 21 October 2022. 

Pakistan, UAE ambassador pay farewell call on President Bhandari

Kathmandu, Oct. 20

Ambassador of Pakistan to Nepal, Syed Haider Shah, and Ambassador of the United Arab Emirates (UAE), Saeed Hamdan Al-Naqbi, paid a farewell call on President Bidya Devi Bhandari on Thursday.

According to the Embassy of Pakistan in Kathmandu, during the meeting, recalling historical linkages and warm relations between both countries, Ambassador Shah thanked the President and Government of Nepal for supporting his endeavours during his ambassadorial stint in Nepal.

Likewise, the President congratulated him for his successful tenure and efforts during his stay in Nepal to further strengthen relations between both countries.

Earlier, on Wednesday, Shah had paid a farewell call on Vice President Nanda Bahadur Pun, Vice President of Nepal.

During the meeting, matters related to mutual interest between the two countries were discussed, the embassy informed in a statement the other day.

Vice President Pun appreciated Pakistan’s generous support to Nepali students for their education in the field of medical and technical education in Pakistan. He also appreciated Ambassador Shah’s active role and initiative in the provision of medical assistance to Nepal during COVID-19 pandemic.

Ambassador Shah thanked the Vice-President for his audience and expressed gratitude for his continued support to the Embassy of Pakistan throughout his tenure.

"He also thanked the Vice President for the relief items sent by the Government of Nepal to Pakistan for flood-affected people and expressed gratitude for this timely assistance," read the statement.

At the end of the meeting, Honourable Vice President presented the Ambassador with the traditional Nepali Ceremonial Scarf (Khada) and Dhaka Cap.

Shah has been serving as the Ambassador of Pakistan to Nepal since November 23, 2020.

Likewise, Al-Naqbi has been representing UAE in Nepal since the country opened its embassy in Kathmandu in 2016. 

Published in The Rising Nepal daily on 21 October 2022. 

Minimum limit of Nabil Phone Loan up

 Kathmandu, Oct. 20

Nabil Bank has increased the minimum limit of Nabil Phone Loan and the range of its digital financing products. The bank has increased the limit of phone loan to Rs. 200,000 from earlier size of Rs. 100,000.

In addition to this, the range of eligible groups for taking such loans has also been increased, the bank said in a statement.

Nabil is the first bank in the country to implement the concept of phone loan. Now, customers who operate regular savings accounts at the bank and QR merchants associated with it will also be eligible for phone loans. Previously, only those who had a salary account in Nabil Bank were getting the facility of such loan.

Similarly, the bank has also upgraded its phone loan offers. Now the customers who are eligible for such loans will see the icon of phone loan available on the screen of Nabil Smart Bank app. For the convenience of the customers, the bank is going to provide the facility of 'Buy Now Pay Later’ and EMI facility to repay the amount taken for the loan.

Customers can scan any phonepay merchant QR codes while making purchases and choose the option of 'Buy Now Pay Later' during checkout to pay for their purchases in monthly installments.

Customers looking to pay their phone loan installment early will also have the option to prepay it directly from their app. Under this, the bank allows immediate withdrawal of loans if there is sufficient amount in the customers’ account without charging any prepayment fee.

"Banking in Nepal is still in the process of development, but now mainly focuses on collateral-based loans due to the legal and regulatory framework and ease of NPA management," said Niraj Basnet (Danil), head of SME and Microfinance at Nabil Bank.

Although our risk-bearing capacity has increased in recent times, we need to move from mortgage-based loans to transactional and cash-flow-based credit, he said. 

Published in The Rising Nepal daily on 21 October 2022. 

Jagadamba moters launches new Ntorq Race XP

Kathmandu, Oct. 20

Jagdamba Motors Pvt. Ltd., the authorised distributor of TVS Motor Company in Nepal, has unveiled the TVS Ntorq125 Race XP in Kathmandu.

Brand Ambassadors of TVS Ntorq, Swastima Khadka and Pradeep Khadka launched the new product in the Nepali market. The celebrities were accompanied by Deepak Agrawal – CEO of the company, Deepak Rauniyar, vice president of the company, and artistes Pratap Das and Rachana Rimal.

The company claimed that the new TVS NTORQ 125 Race XP is the most powerful 125 cc scooter in Nepal with 10.2 PS of power. It is the only scooter in the 125cc segment to have more than 10 PS power in Nepal. It also includes two drive modes and the connectivity technology.

"TVS Motor Company has set a new industry benchmark by equipping it with the first-of-its-kind Voice Assist feature. This covers various connectivity functions, including mode change, navigation, console brightness adjustment and DnD (Do not Disturb) feature," the company said in a statement.

The scooter also has features like race and street mode, race inspired colour theme and graphics, and coloured wheels.

Meanwhile, TVS is hosting an exchange mela titled 'TVS Great Grand Exchange and Finance Mela' from 19 October to 22 October at Bhrikutimandap.

The event allows customers to exchange any old bike and scooter for a brand new TVS bike and scooter.

According to the company, customers will be benefited with Rs 7,000 more than the market value of their two-wheelers. The event also features a finance facility only at just 25% down payment and a monthly EMI of Rs. 4,277.

Published in The Rising Nepal daily on 21 October 2022. 

Musician Suresh Gaire receives gold medal

Kathmandu, Oct. 19

'Yeha Deshko Chha Chinta' famed musician Suresh Gaire has received a gold medal in the sixth Command and Staff Course – a master's degree equivalent course under the Tribhuvan University that includes defense, development and peace.

The course also covers economics, foreign affairs, conflict and disaster management, and national affairs. The 18-month residential course is run by the Armed Police Force (APF) Command and Staff College in Kathmandu.

Gaire is serving as a Deputy Superintendent of Police (DSP) in the APF. According to the APF, since the entrance exam to the course is highly difficult, only 10 could pass the exam. DSP Gaire had stood first in the entrance exam as well. The college was established in 2015 and a separate command runs it.

Gaire has also a master's degree in English literature from the TU and post-graduate degree on 'Combating terrorism: Policy and strategy' from the USA.

He had given music to more than 350 songs, ghazals and playback songs including the hits like 'Marne kasailai rahar hudaina'.

He has won dozens of awards at the national level for his creation. He is known as a brilliant office in the APF. Inspector General of APF, Raju Aryal, Dean of TU Prof. Dr. Kushum Shakya and high officers of Nepal Army, Nepal Police, National Investigation Department and Ministry of Home Affairs were present at the award ceremony.

Meanwhile, the best dissertation prize went to DSP Santosh Bahadur Singh. 

 Published in The Rising Nepal daily on 20 October 2022.

Govt expenses surpass income in first trimester

Kathmandu, Oct. 19

Government expenditure has gone well above its income in the first three months of the current fiscal year.

By Tuesday, income of the government stood at Rs. 232.48 billion and expenditure touched Rs. 278.30 billion, making a significant gap of Rs. 45.82 billion between the receipts and expenses.

According to the statistics published by the Financial Comptroller General Office (FCGO), the government income by the end of the first trimester is about 15.94 per cent of the total annual target of Rs. 1458.60 billion. Major earnings include Rs. 189.72 billion tax revenue, Rs. 19.21 billion non-tax revenue, Rs. 793 million grants and Rs. 22.74 billion other receipts.

However, expenditure is 15.51 per cent of the total annual target of Rs. 1793.83 billion. Finance Minister Janardan Sharma had increased the budget of the current Fiscal Year 2022/23 by about Rs. 161.01 billion compared to the previous year's Rs. 1632.82 billion. According to the experts, poor capital spending is more worrisome than the inflated current spending.

Mobilisation of the development budget has largely remained pathetic with the spending of just Rs. 19.68 billion – 5.17 per cent of Rs. 380.38 billion earmarked for the capital expenditure.

"Sometimes, the pending jobs complete at the beginning of the fiscal year and expenditure amount goes up. But poor development spending is a matter to worry about. It is the result of the institutional inefficiency at all the levels of the government," said economist Dr. Achyut Wagle.

According to him, the country needs an immediate overhaul in the fiscal management. However, the mobilisation of capital budget has witnessed a slight progress compared to the 3.98 per cent during the same period in previous year 2021/22.

Stating that the low income and high expenditure is the result of poor fiscal discipline, economist and Chairman of Public Expenditure Review Commission, Dr. Dilliraj Khanal, said that it is not a good sign for the economy given the poor spending of development budget.

He maintained that his commission had indicted at such problems and offered suggestions to improve fiscal management. "If the situation persists, the government has to take loan to distribute salary to the employees," he said.

According to him, poor collection of revenue was partly a result of tightening the imports of the luxury items in the wake of depleting foreign currency reserves.

During the same period last year, revenue collection was Rs. 256.82 billion, about 22 per cent of the Rs. 1180.60 billion target but the expenditure was Rs. 234.87 billion – 14.38 per cent of the total budget. 

 Published in The Rising Nepal daily on 20 October 2022.

Xiaomi’s Tihar offer begins from Wednesday

Kathmandu, Oct. 19

Xiaomi Nepal has announced an offer for its customers on the occasion of Tihar 2022 in which the customers will get a chance to win Mi TV 4APro 32 TV on the purchase of any Xiaomi, Redmi, or Poco phone.

To participate in the lucky draw, customers can scan the given QR code or send the IMEI number on 31007. Every day, one lucky customer will win a Mi TV 4APro 32” TV via lucky draw.

This offer is valid from 19-30 October.

Amit Kumar Panda, Country General Manager, of Xiaomi Nepal said that the customers can win 12 TVs in 12 days period. 

 Published in The Rising Nepal daily on 20 October 2022.

Samjhana Poudel receives 'Social Impact Award 2022'.

Kathmandu, Oct. 18

President of Action Works Nepal, Samjhana Poudel, has been honoured with the 'Social Impact Award 2022'.

Paudel was honoured with the award by a network of social organisations working in Asian countries focusing on the health education of women and adolescent girls and their livelihood issues.

In a programme held earlier this week in Tamil Nadu, India, along with Paudel, women from other countries in Asia received the awards of different categories.

Poudel was honoured with the award from among the women who have focused on the issues of health, education and livelihood of women and teenagers in Asian countries. She has been working in the journalism profession for a long time and is currently associated with Outline Media.

Action Works Nepal has been working in the areas of health, education and livelihood of women and girls in the districts of Karnali Province. It informs women about reproductive health, legal recognition of abortion, use of family planning tools in rural areas and provides necessary health materials to concerned health institutions. 

 Published in The Rising Nepal daily on 19 October 2022.

Nepal makes big stride in poverty reduction: UNDP

Kathmandu, Oct. 17

Nepal has registered an impressive achievement in reducing poverty substantially in the second decade of the 21^st century. Its incidence of poverty was reduced to 17.5 per cent of the total population in 2019 from 39.1 per cent in 2011, the Global Multidimensional Poverty Report 2022 reported.

According to the report released jointly by the United Nations Development Programme (UNDP) and Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford on Monday, the Multidimensional Poverty Index (MPI) value of Nepal fell from 0.185 in 2011 to 0.111 in 2016 and ultimately 0.075 in 2019.

The report noted that this progress has been accompanied by notable improvements in sanitation, which saw the largest reduction in the percentage of people deprived in this indicator—from 34.1 per cent to 6.6 percent among poor people and from 60.6 per cent to 21.4 per cent among the whole population. This progress has got a special mention in the report along with Ethiopia and Lao People's Democratic Republic.

"Nepal’s investment in sanitation has improved access to drinking water, child nutrition and child mortality through a reduction in diarrhoea. In India, some 415 million people left multidimensional poverty in a 15-year period - a historic change," read the report.

Improvements in sanitation are highly correlated with improvements in other health indicators, such as child nutrition, child mortality and access to drinking water.

"A growing body of evidence points to the positive health benefits of having access to an improved sanitation facility and drinking water on child health and wellbeing through lower diarrhoeal incidence, a leading cause of child mortality in developing countries," read the report.

According to it, the recent progress in reducing deprivations in sanitation and drinking water might have driven the improvement in children’s nutrition and the decrease in childhood mortality in Nepal, contributing to the recent decline in MPI value.

Speaking with journalists on Monday evening in Kathmandu, UNDP's Resident Representative for Nepal, Ayshanie Medagangoda-Labé, suggested that Nepal should continue to invest in poverty reduction programme. However, she maintained that the scattered poverty could pose a challenge to such efforts.

However, the most common deprivation profile in Nepal in 2019 is one where people are deprived in years of schooling, cooking fuel, housing and assets. Nearly one in 10 poor people in the country experiences this profile. An integrated, high-impact policy response might include a housing package that considers energy concerns and home improvement grants, paired with targeted lifelong learning programmes among poor households, the report mentioned.

The report has identified a series of ‘deprivation bundles’-recurring patterns of poverty- that commonly impact those who live in multidimensional poverty across the world. According to it, the data are used to identify the different poverty profiles that are more common in certain places. This is a crucial step in designing strategies that address multiple aspects of poverty at the same time.

The report found that more than 50 per cent of poor people (593 million) lack both electricity and clean cooking fuel, almost 40 per cent of poor people (437 million) lack access to both drinking water and sanitation, and more than 30 per cent of them (374 million) are deprived of nutrition, cooking fuel, sanitation and housing at the same time.

The MPI also offers an in-depth analysis of poverty across regions. The majority of multidimensionally poor people (83 per cent) live in Sub-Saharan Africa (nearly 579 million) and South Asia (385 million). Two-thirds of poor people live in middle-income countries, and 83 per cent in the rural areas. And despite its impressive pre-pandemic progress, India was still home to 229 million poor people. Nigeria had the next highest number, with 97 million poor people.

 Published in The Rising Nepal daily on 18 October 2022.

New urban policy in offing

Kathmandu, Oct. 17

The Ministry of Urban Development (MoUD) has finalised a new urban policy and sent it to the Cabinet for the approval.

The new policy has included measures to address climate change, urban resilience and Sustainable Development Goals (SDGs) apart from the regular issues of infrastructure development, waste management and social services such as health and education.

"New urban policy has included various indicators of urban development and management. We are hopeful that it will be implemented soon after getting approval from the Cabinet," Dr. Ramesh Prasad Singh, Secretary of the MoUD said at a programme organised to mark the World Habitat Day 2022 on Monday. The day is celebrated on the first Monday of October but since Nepal was celebrating one of its greatest festivals, Dashain, at that time, the MoUD had decided to mark it later with various programmes including interaction with the experts and stakeholders.

Meanwhile, the ministry has also completed the urban development plan for 185 municipalities across the country while the plan for the remaining municipalities is under preparation. There are 293 municipalities in the country. Secretary Dr. Singh said that the development plan was formulated by incorporating the principles of inclusiveness.

He maintained that the three levels of governments should support and compliment each other in planning, policy and implementation.

Dr. Singh also stated that the government had first announced the potential 'smart cities' in the country and began to make them 'smart' because it wanted to create an opportunity to develop them from the scratch.

"Large cities like Kathmandu and Biratnagar can't be restructured. So, we can develop the new cities with all the necessary infrastructure and facilities of a modern urban development," he said. "It is an opportunity to demonstrate the model cities in the country."

General Secretary of Municipality Association of Nepal and Mayor of Nilakantha Municipality in Dhading district, Bhim Prasad Dhungana, questioned the government in regard to the parameters that were used to announce the new smart cities.

He criticised the government for not creating model cities in the country, being biased while mobilising the resources to the subnational governments. "We want to do something new in terms of development but where is the successful model for waste management?" he asked.

According to Dhungana, there is not the shortage of resources but local governments have largely failed to mobilise them and create development milestones. He suggested for greater communication and interaction among the various levels of the government and other stakeholders.

Maimunah binti Mohammad Sharif, Executive Director of the United Nations Human Settlements Programme (UN-Habitat), said that the cities are the accelerators of the economic growth.

"If city managers have right policy and tools, they can contribute in reducing the gap between the haves and have-nots," she said in a video address.

Likewise, Bruno Dercon, Regional Director at the Asia Pacific Office of the UN Habitat, said that waste management, environment protection and efficient transportation should be in the priority list of the cities along with the health and education.

He also stressed on fair access to justice, finance and project benefits.

 Published in The Rising Nepal daily on 18 October 2022.

EC seeks clarification from Minister Chaudhary

Kathmandu, Oct. 16

The Election Commission (EC) has sought a clarification from the Minister for Urban Development, Metmani Chaudhary telling him his act to distribute relief to the flood victims had violated the election code of conduct.

Stating that the its attention has been drawn to the news published in Nepalpress titled ‘Minister Chaudhary in controversy after distributing rice, claims the support was given to the local bodies not people’, the election body has directed the minister to furnish a clarification within 24 hours.

The EC cited the Article 4 (T) of the Election Code of Conduct 2022 that maintains no work should be performed to impact the fairness and impartiality of the election, and asked Minister Chaudhary what evidences does he have to prove that his act of relief distribution in the name of flood victims in his election constituency was not against the code of conduct.

It also asked whether the leader had obtained approval from the EC to distribute rice to the people of his constituency, and if the programme was included in the annual programme of the government. Likewise, the EC also wanted to know that since there was district administration office if there was a need to distribute the relief materials why did the minister himself went to perform the act, and if there was a legal obligation that required the presence of the minister at the programme.

Meanwhile, the EC has asked the government, semi-government agencies, public organisations, universities, schools, and companies with full or partial government ownership or the organisations that receive government grants to approve the resignation tendered by their employees from the very day of the submission of the resignation letters.

It has also decided to write to the Prime Minister’s Office to implement the directive and facilitate in the process.

Meanwhile, in another notice, the EC had decided to remove the names of those candidates – who were the candidates in the local level elections held earlier this year and are now in the closed list of the candidates for proportional representation category of election – from the PR list if they did not submit the election expenditure details with fines by October 22.

However, those submitting the details and due fines can continue with their candidacy, said the EC. 

Published in The Rising Nepal daily on 17 October 2022.

World Habitat Day underscores inclusive urban development

Kathmandu, Oct. 16

The Ministry of Urban Development (MoUD) has said that it has been implementing inclusive principles in urban development plan, housing plan and building construction.

“The right to housing is included in the constitution of Nepal as the fundamental right. Accordingly, Right to Housing Act, 2018 was formulated to protect and respect the right and provide house to the homeless citizens,” said the ministry in a press statement issued on the occasion of the World Habitat Day 2022 on Sunday. The day is marked on 17 October every year. It was first celebrated in 1986.

The government has been implementing Janata Awas Programme and Safe Citizen Housing Programme as well, said Ram Chandra Dangal, Joint Secretary of the MoUD and Coordinator of the main organisaing committee of the Habitat Day celebrations.  

This year’s World Habitat Day is being celebrated with ‘inclusive urban development’ and commitment to it.

In Nepal, 66.08 per cent population resides in urban areas. However, most of the municipalities in the country are just the urban administrative structures where basic urban facilities such as proper road, clean drinking water, reliable electricity, quality education and health services are not available.

Dangal said that urban management has long been the main agenda of all the countries across the globe. Likewise, the Sustainable Development Goal (SDG) 11 has an aim for inclusive and sustainable urbanisation. According to Dangal, governments at all level in Nepal have been implementing this goal.

To mark the event, the MoUD, Department of Urban Development and Building Construction and UN Habitat are jointly organising an interaction workshop on Monday where experts will discuss ‘inclusive urbanisation’.

Published in The Rising Nepal daily on 17 October 2022.

Give Women A Fair Crack Of The Whip

 The Global Data on National Parliament in 2022 has ranked Nepal at 52nd position in terms of women representation in the legislative body. Currently, Nepal had 33.6 per cent women in the House of Representatives (HoR) that recently completed its five-year term while their number in the National Assembly stands at 37.3 per cent.

In the 2017 elections, 91 women, in 271 seats, were elected to the HoR through the First-Past-The-Post (FPTP) and Proportional Representation (PR) system. There would not have been satisfactory representation of women in the parliament had the PR election system not been in place. The number of elected women to the parliament has been significantly decreasing over the last three elections.

For example, only six (2.21 per cent) female candidates could make it to the HoR under the FPTP category although the political parties and governments were never tired of promoting inclusive political representation. Earlier in 2013 elections to the second Constitution Assembly, 4.17 per cent women leaders were elected through the direct poll which is much below the 12.5 per cent women winning the FPTP seats in the 2008 CA elections. 

So, the representation of one-third of women in the parliament was virtually impossible even if a large number of women contest polls under the FPTP category.

This satisfactory result was achieved through the PR elections in which the entire country is considered a single constituency and the political parties submit the closed list of the candidates by meeting their 33 per cent representation in the parliament.

The Election Commission elects women from the PR list until the required percentage of female representation is met while male candidates in the list get the opportunity to get elected after the former's target is met. 

Meanwhile, there are clear indications that this time the women representation will meet the same fate as only 9.4 per cent of the total candidates contesting the elections to the HoR and 8.7 per cent in the provincial assemblies are women. Of the 2,187 nominations filed by the political parties for 165 seats of the HoR under the FPTP system, only 255 are women while most of them are either from fringe political parties or are contesting the elections independently.

Big political parties have given opportunity to a small number of women leaders to contest the direct elections with CPN-UML nominating 11 women candidates, CPN-Maoist Centre eight, Janata Samajbadi Party six, Nepali Congress five, Loktantrik Samajwadi Party two and CPN-Unified Socialist only one female candidates. Likewise, of the 3,224 candidates contesting for 330 seats of provincial assemblies, 280 are women. 

The numbers are disappointing as the large political parties in the ruling coalition and opposition failed to trust women candidates and have refrained from fielding them for the direct elections to the HoR and provincial assemblies. Therefore, there is a need for the political parties to formulate a strategy to boost the participation of women in politics and enhance their capacity so that they feel confident enough to contest the FPTP elections.

At the same time, the government, EC, political parties and other stakeholders should come up with a novel idea of reducing the cost of elections for increasing representation of women and marginalised communities in politics. The local, district and provincial level committees of the political parties should also be more inclusive and bring more women onto the leadership rung. 

Editorial published in The Rising Nepal daily on 16 October 2022. 

Nepal’s GHI rank slips from 76 to 81

Kathmandu, Oct. 15

Nepal’s progress in the Global Hunger Index (GHI) has remained the same in 2022 with a score of 19.1 but its global ranking has slid by five positions.  

In the 2022 Global Hunger Index, Nepal ranks 81^st out of the 121 countries. With a score of 19.1, Nepal has a level of hunger that is moderate, the GHI 2022 report concluded.

However, Nepal’s global ranking has gone down since 2019. That year Nepal was ranked at 73^rd position which remained the same in 2020 but in 2021 it slid three positions down to 76, and this year it has come to 81^st position globally.

But, it has improved its status from ‘Serious Hunger’ in 2019 to ‘Moderate Hunger’ since 2020. Nepal has fared well compared to its regional neighbours.

In South Asia, Sri Lanka has topped the regional list with a score of 13.6, followed by Nepal 19.1, and Bangladesh 19.6. Likewise, Pakistan, India and Afghanistan have 26.1, 29.1 and 29.9 respectively which ranks them at ‘Serious Hunger’ category.

A global study to create the GHI is taken jointly by the Welthungerhilfe and Concern Worldwide. According to the study, score from 0 to 9.9 is considered as low hunger, 10 to 19.9 moderate, 20 to 34.9 serious, 35 to 49.9 alarming and above 50 extremely alarming.

The GHI is calculated on the basis of undernourishment (share of the population with insufficient caloric intake), child wasting (share of children under age five who have low weight for their height, reflect acute undernutrition), child stunting (share of children under age five who have low height for their age, reflecting chronic undernutrition), and child mortality (share of children who die before their fifth birthday).

Nepal’s undernourished population has come down to 5.5 per cent in 2021 from 23.5 per cent in 2002. Likewise, child wasting has slightly gone up from 11.3 per cent in 2002 to 12 per cent in 2021. There has been a significant progress in terms of child stunting and child mortality. Stunting has decreased to 31.5 per cent from 56.1 per cent and mortality has come down to 2.8 per cent from 7.9 per cent, according to the report that used the data from the National Planning Commission in Nepal.

Belarus, Bosnia & Herzegovina, Chile, China, Croatia, Estonia, Hungary, Kuwait, Latvia, Lithuania, Montenegro, North Macedonia, Romania, Serbia, Slovakia, Turkey and Uruguay top the list with less than 5 score in the GHI 2022. On the other side, Yeman, Central African Republic, Madagascar, Congo and Chad are ranked at the bottom of the global rankings.

According to the publishers, the GHI is designed to comprehensively measure and track hunger at the global, regional, and country levels. GHI scores are calculated each year to assess progress and setbacks in combating hunger.

The report has recommended to put inclusive governance and accountability at the centre of efforts to transform food systems and said that the governments must respect, protect, and fulfill the right to food, which should be enshrined in national law and supported by mechanism for redressing grievances.

It also suggested that the stakeholders at all governance levels must harness local voices and capacities while ensuring citizens’ participation, action, ad oversight. Similarly, a suggestion is made to scale up resources for humanitarian needs while transforming food systems to make them resilient to shocks. 

Published in The Rising Nepal daily on 16 October 2022. 

FNCCI, IFC to examine private sector’s contribution to economy

Kathmandu, Oct. 15

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the International Finance Corporation (IFC) – a member of the World Band Group - have agreed to collaborate on examining the state of the private sector in Nepal to showcase the latter’s contribution to the economy.

The study is expected to help inform policymaking for private sector development, the two organisations said in a joint statement on Saturday.

“The collaboration will notably take the form of a joint report, which will generate data, insights, analysis, and policy recommendations on the development impact of private investments in the country,” read the statement.

In doing so, it aims to inform policy dialogues on private sector development issues among government, private sector, development partners and other stakeholders.

Nepal’s private sector has grown exponentially since the 1990s. Over 99 per cent of formal firms are privately-owned, with private ownership significantly present even in social sectors such as education and health. Accordingly, the private sector has an increasingly large share of capital formation and job creation. However, Nepal still has one of the lowest aggregate labour productivities in manufacturing in South Asia, said the FNCCI.

“For Nepal to achieve its development objectives, the private sector will need to be further developed and strengthened,” said Shekhar Golchha, President of FNCCI. “This is possible only through greater and well-informed policy reforms and dialogue between the public and private sectors. Therefore, this report will have a big role in help in this regard, particularly given that it will also be using government data.”

As the largest global development institution focused on the private sector in emerging markets, IFC is committed to help develop markets and opportunities in Nepal, which will require further improvement to the investment climate for both entrepreneurs, and domestic and foreign investors, it said.

“A periodic well-researched analytical report on the state of private sector will be critical in further informing the public-private policy dialogue, and help the private sector maximize its development impact for the benefit of the people of Nepal,” said Babacar S. Faye, IFC's Resident Representative in Nepal.

Published in The Rising Nepal daily on 16 October 2022. 

Xiaomi donates musical instruments to DSA

Kathmandu, Oct. 15

Xiaomi Nepal has provided musical instruments and sports supplies to Disabled Students Association (DSA). The materials were handed over to Daya Ram Maharjan, Principal of DSA School by Amit Kumar Panda, Country General Manager, Xiaomi Nepal.

The company provided with musical instruments such as Harmonium, Dhime, Sarangi and Tabala and sports materials to support kids involved in sports like Taekwondo to polish their talents and self-defense skills.

“As the festivities are nearing, we found no better occasion to spread some happiness to people who are in need. I believe that our small efforts would generate positive outcomes in the near future and we shall continuously help the ones in need,” said Panda.

Xiaomi Nepal team spent time with, and helped the students of DSA providing them with sports gear and musical instruments and enjoyed listening to their music, the company said in a statement.

Published in The Rising Nepal daily on 16 October 2022. 

FM Sharma stresses strengthened partnership between Nepal, USA

Kathmandu, Oct. 14

Finance Minister Janardan Sharma has stressed the need for further strengthening the close partnership between the United States of America and Nepal in the priority areas of the latter’s economic development, including information technology, financing for climate change adaptation and mitigation, investment in green hydrogen and ammonia.

In a meeting on Wednesday with Samantha Power, Administrator of the USAID, held in Washington D.C. at the latter’s office, they exchanged views on further strengthening bilateral development cooperation between Nepal and the United States, the Embassy of Nepal in Washington D.C. said in a statement on Thursday.

FM Sharma appreciated the longstanding US support in the socio-economic development of Nepal, informed the embassy. He also invited Power to visit Nepal at a convenient time.

FM Sharma is now in the United States to participate in the annual meeting of the World Bank (WB) Group and International Monetary Fund (IMF). Governor of the Nepal Rastra Bank (NRB) Maha Prasad Adhikari, Finance Secretary Krishna Hari Pushkar, and Ambassador of Nepal to the USA, Sridhar Khatri are included in his delegation.

On October12, FM Sharma chaired the 53^rd Joint Governor’s Annual Meeting of the WB Group and the IMF of South-East Asia Constituency in Washington, D.C., and deliberated on the multiple global economic challenges facing the member countries while stressing the need for scaling up financing to the vulnerable countries like Nepal to address their developmental and climate challenges.

The embassy said that Minister Sharma also chaired the executive dialogue session of the annual meeting on scaling up financing for climate change mitigation and adaptation where member countries shared their interests and concerns in tackling climate challenges in the region.

“On the sideline of the annual meeting, he hold a meeting with his Thai counterpart Arkhom Termpittayapaisith and exchanged views on promoting bilateral cooperation between the two countries in the areas of tourism, especially cultural tourism to Lumbini, connectivity, trade, and exchanges in education and training, among others,” read the statement.

Likewise, on October13, Sharma held a meeting with Martin Raiser, Vice President of the WB for the South Asian region. During the meeting, the two reviewed the performance of World Bank-funded projects in Nepal as well as the pipeline projects.

According to the embassy, he highlighted the importance of climate financing in Nepal, requested Raiser to prioritise funds for Nepal, particularly in the conservation of the Himalayas, revitalisation of the rural economy, and development of river-basin green corridors.

Similarly, Finance Secretary Pushkar held a separate meeting with Cameron Alford, Vice President of the Department of Compact Operations of the MCC and exchanged views on the timely implementation of MCC compact in Nepal. 

Published in The Rising Nepal daily on 15 October 2022. 

IME announces winners of Dashain Utsav

 Kathmandu, Oct. 14

On the occasion of the festivals of Dashain, Tihar, Chhath and Nepal Sambat, IME has announced the winners of the fifth and sixth weeks under the customer-oriented Dashain offer, 'Mobile Hatima, 10 Lakh Khataima'.

According to the results announced through Facebook Live at the central office in Panipokhari, Kathmandu on Thursday, Santwana Dhodhari and Jeetman Gombo Tamang, the clients who sent money through IME from Kuwait and the United Arab Emirates, respectively, were selected as the weekly winners for the fifth week. Similarly, Padam Kumari BK and Kishore Tamang have been selected as weekly winners for the sixth week.

They had sent money from Oman and Malaysia respectively through IME to their relatives in Nepal during this offer period. The four weekly winners will receive Rs. 25,000 each.

Similarly, Ahmed Abdullah Khamis Al Hasami, Prem Prasad Baskota, Sabin Thopra, Sanjeev Kumar Shah, Ashish Sonam, Naindra Gurung and Rabi Baduwal were selected as daily winners for the fifth week. They had sent money to their relatives living in Nepal through IME from Oman, Kuwait, Malaysia, UAE, Japan and India respectively during this offer period. Each of them will receive a set of Samsung mobile as a gift.

Similarly, Madanlal Kaluram, Dev Bahadur Bakawal, Birendra Kumar Tumbapo, Devlal Melhe, Lok Rasaili, Irsad Ali Khan and Khem Bahadur Limbu have been selected as weekly winners of the mobile set for the sixth week. They sent money to their relatives in Nepal from Kuwait, Malaysia, Bahrain, United States of America respectively during this offer period.

Published in The Rising Nepal daily on 15 October 2022. 

EC to collect election expense reports through police, NID

Kathmandu, Oct. 13

The Election Commission of Nepal (ECN) said on Thursday that the details of election expenses of candidates and political parties will be collected through local structures of Nepal Police and National Investigation Department (NID).

In a statement the ECN said that it was strictly implementing the election code of conduct to make the elections for members of the House of Representatives and members of the State Assembly held on November 20 this year free, fair and fearless.

In this context, a meeting of the EC’s Central Monitoring Committee for the Election Code of Conduct held Thursday decided to write to the Nepal Police and the NID through the Ministry of Home Affairs to provide details to the EC after thorough and carefully study and monitoring of the expenditure of the political parties and their candidates and compliance with the Code of Conduct.

The security agencies are requested to provide the reports of the election expenses in accordance with Section 42 of the Election Code of Conduct, 2022.

The election body stated that candidates and political parties should be monitored from the lower level in order to find whether the expenses of the candidates and political parties are within the limits set by the EC and whether the election code of conduct has been followed or not.

The meeting of the code of conduct monitoring committee has ordered the election code of conduct monitoring officer - chief of the District Treasury Controller Office - of all districts.

According to it, if a party flag, party or candidate's election symbol is placed in someone's private house or public building, public park, street pole or any public place, it will be considered as having been placed by the respective candidate of the respective constituency, and action will be taken against them as per the Code of Conduct and Elections (Offences and Punishment) Act.

In the case of hanging banners, digital displays, and leaflets, the relevant candidate shall be asked to remove such material or correct such place within twenty-four hours after asking for an explanation, and if they do not do so, they shall be subject to the punishment in accordance of the election law. 

 Published in The Rising Nepal daily on 14 October 2022. 

Microsoft Nepal awards innovative partners

Kathmandu, Oct. 13

Microsoft Nepal has awarded three of its partners that demonstrated excellence in innovation and implemented innovative customer solutions in Nepal with various awards at its Partner of the Year 2022 awards.

Walking away with the highest number of awards was Tech One Global Nepal Pvt. Ltd, a leading content management and cloud solutions provider. This Gold Certified go-to partner for Microsoft Technologies had successfully empowered users to work securely by providing protection for critical data and guarding against threats and also awarded for leveraging Microsoft Teams for efficiency and productivity. Tech One Global was additionally commended for simplifying the migration journey for their customers, Microsoft Nepal said in a statement.

Likewise, Thakral One Nepal Pvt. Ltd. was recognized for their exemplary use of Microsoft technologies to digitally transforming employee experiences to create a thriving culture where they do their best work. The company also awarded for effectively driving SMB customers modernize their businesses with Azure.

One of the leading ERP consultants in the country, Agile Solutions Pvt. Ltd., was crowned the ‘Nepal Dynamics Partner of the Year 2022’ for offering expert guidance and support in buying, implementing, and optimizing Microsoft Dynamics 365 applications.

The awards were distributed in recognition of local partners who have demonstrated excellence in innovation and implementation of customer solutions based on Microsoft Technology, said the company.

"We organised the event to celebrate the achievements of Microsoft’s diverse partner ecosystem across various industries in Nepal," it said.

According to Md Yousup Faruqu, Country Managing Director for Microsoft Bangladesh, Bhutan and Nepal, over the past two years, businesses, individuals, and entire industries have looked at new ways to utilize technology and our partners have played a critical role in addressing unique and evolving needs through innovative solutions.

At Microsoft, we are dedicated to unlocking new partner opportunities by investing in our partner ecosystem that allows them to deliver innovative and impactful solutions for customers, said Anh Pham, Chief Partner Officer for the Southeast Asia New Markets at Microsoft.

 Published in The Rising Nepal daily on 14 October 2022. 

Italian envoy pledges investment in Nepal’s development

Kathmandu, Oct. 13

Italian ambassador to India and Nepal Vincenzo De Luca has expressed his interest to invest in various developmental sectors to promote Nepali entrepreneurs and businesses in Nepal.

Speaking at a bilateral meeting organised by Nepal-Italy Chamber of Commerce & Industry (NICCI) in Kathmandu, he also said that he was ready to provide his best support to flourish Nepali businesses in Italy as well.

Ambassador Luca said that the Italian Embassy in New Delhi plans to hold trade fair for all Italian brands and products available in Nepal. "We are also planning to organize various projects to promote Italian brands in Nepal in various ways and similarly promote Nepali brands in Italy as well," he said.

The bilateral meeting was held on Monday to discuss investing for business development in Nepal.

The meeting was led by Vice President of NICCI, Sanjay Agrawal, while Italian Ambassador to India and Nepal, Vincenzo De Luca, Consulate General of Italy in Kolkata, Gianluca Rubagotti, Consulate General to Italy for Nepal, Pratima Rana Pande, and Honorary Member of NICCI, Rajesh Kazi Shrestha were present in the meeting.

Agrawal said that NICCI has a vision to make Nepal a part of 'Grand International Expo' in Rome in 2030 to cover sector of evolution and regeneration of territories threatened by climate change, diversity and inclusion of communities, national and international decentralization and mobility, and digital connectivity for economic and social development.

NICCI also has planned to place one pavilion of Nepal in upcoming 'Milan Trade Fair 2023' which will happen in March 2023 to promote Nepali business, products and culture in Italy, according to the binational chamber.

 Published in The Rising Nepal daily on 14 October 2022. 

NRNA urges govt to expedite process to provide NRN Citizenship

 Kathmandu, Oct. 12

The Non-Resident Nepali Association (NRNA) has urged the government to implement the non-resident Nepali citizenship provision at the earliest and amend the foreign investment related laws to remove the ceiling on the Foreign Direct Investment (FDI).

In a 10-point declaration published at the closing ceremony of the Annual General Meeting of the Non-Resident Nepali Association (NRNA) and Global Conclave 2022 on Wednesday in the Capital, it requested the government, political parties and all concerned stakeholders to make the necessary laws to provide NRN citizenship as soon as possible. The constitution of Nepal has a provision to offer NRN citizenship.

Likewise, the declaration suggested immediate amendment to the Foreign Investment and Technology Transfer Act (FITTA) and related regulations in order to increase the investment of NRNs in the country. In addition, the association requested the government and relevant agencies to amend the Securities Act and regulations to open the secondary market of securities to them.

"It is considered necessary to create a simple, convenient and favourable environment for the investment of non-resident Nepalis in Nepal, as well as to amend the legal obstacles. Therefore, in addition to bringing in investment, the association is committed to encouraging the investment of NRNs in building a prosperous Nepal by helping create jobs, entrepreneurship and infrastructure development in the country," read the declaration.

 Similarly, in addition to enacting the necessary laws and regulations to ensure voting rights for Nepali citizens living abroad, the NRNA urged the government, the Election Commission and related bodies to arrange for non-resident Nepalis carrying Nepali citizenship to register their names in the voter list and obtain national identity cards through Nepali diplomatic missions in the respective countries.

It suggested for the arrangement of an identity card with rights to easily connect Nepali people who have been living in Thailand, Myanmar, Malaysia, Fiji and other countries for generations, as well as to arrange a study visa in Nepal.

According to the agreement inked between the Social Security Fund (SSF) and the NRNA for the safe future of Nepalis who are employed abroad, the association requested the immediate implementation of the Fund by creating necessary mechanisms.

Through the declaration, the NRNA requested that only skilled and trained manpower be sent abroad, that awareness information be sent according to the environment of the destination country, and that the labour agreement be renewed with the country that has the labour agreement and that the labor agreement be renewed with the new potential destination country.

It suggested that the remittances sent from abroad should be invested in productive sectors and the government should come up with a solid plan for national development as soon as possible through a collective investment plan.

The NRNA also demanded that the government should establish embassies and consular services in Portugal, Croatia, Romania, Malta, Iraq (Kurdistan), Turkey as well as in South American and African countries where a large number of Nepalis are living.

Addressing the closing ceremony of the three-day celebration of the NRNA, former Prime Minister and chairman of CPN-UML KP Sharma Oli expressed his solidarity to the demands and declaration of the NRNA and said that the demand to have an identity card with cultural, economic and social rights is valid.

There will also be efforts to create conducive environment for investment in Nepal by removing bureaucratic hurdles and policy facilitation, he said. “It is also equally important that Nepalis should have the right to cast their vote and choose their representatives back home regardless of their location across the globe,” Oli added.

Chairman Oli pledged his and party's support to the NRN citizenship.

President of the NRNA Kul Acharya said that the citizenship is the primary issue for the NRNs and urged for the greater political support from all political parties.

"We want to forge even better and stronger partnership with the government in Nepal and other stakeholders here to contribute to the development and economic growth of the country," he said.

He said that foreign employment social security fund is also their concern. While many countries across the globe have implemented this instrument, Nepal was yet to feel its need. According to him, the NRNs want the equal treatment to them as the citizen of Nepal.

Another President of the NRNA, Dr. Badri KC, suggested the government to remove the cap on foreign investment and restriction imposed on certain sectors for the Foreign Direct Investment (FDI).

All Nepalis across the globe should be provided with the NRN citizenship without limiting it to the three generations of the family lineage in Nepal.

He said that the political interference in the NRNA's movement has resulted in the situation where the organisation has three presidents, and it would be corrected through the convention next year.

Dr. Upendra Mahato, founder President of the NRNA, stated that Nepalis scattered throughout the world have contributed to the development and prosperity of the country according to their capacity. 

 Published in The Rising Nepal daily on 13 October 2022. 

Steps taken to check misuse of public land, buildings

Kathmandu, Oct. 12

The Kathmandu Valley Development Authority under the Ministry of Urban Development (MoUD) is going to take action to stop the misuse of public land and structures including commercial buildings as well as housing in the valley.

For this, the authority has given a deadline of one week and will go directly to the punishment process in case of those who violate the land use and construction rules, the KVDA said on Wednesday.

Under this, strict action would be taken against commercial buildings, housing colonies, apartments, educational institutions and health institutions that do not follow the standards, or have not received approval or permission.

The authority had issued a public notice on Monday, and ordered the concerned to submit the documents including measurements and maps of public land and structures within a week.

Through a public notice, the KVDA has called on all commercial buildings, housing colonies and apartments, educational institutions and health facilities in the Kathmandu Valley to submit the documents including the measurements and maps of the land and structures related to them by Sunday, October 16.

Januka Dhakal, Development Commissioner of the Authority, informed that a measurement and maps of the land and buildings related to the concerned users has been requested to monitor the purpose for which public lands and buildings are being used in the valley.

"The authority has not been given any information about the purposes for which the public lands and buildings of the valley are being used. So, we have requested for the maps and necessary documents to understand how the land is being use and who is using the public property," she said.

The users of public lands and buildings have to submit the measurements and maps of the land and buildings to Bhaktapur, Kathmandu and Lalitpur District Commissioner's office by October 16.

Dhakal said that action would be taken according to the law on those who do not provide the required documents of public lands and buildings within the specified date.

 Published in The Rising Nepal daily on 13 October 2022. 

Global IME, TU plant trees

Kathmandu, Oct. 12

Global IME Bank and Tribhuvan University have jointly organised a tree plantation programme at the University Campus and Ayurveda Teaching Hospital in Kirtipur.

TU Ayurveda Campus Head, Prof. Dr. Shiv Mangal Prasad, and Branch Manager of Global IME Bank, Kirtipur Branch, Shobha Neupane, jointly planted the saplings on the occasion.

The plantation programme was executed to create a green view at the University Ayurveda Campus and Ayurveda Teaching Hospital premises and to promote a clean and green university premises, the bank said in a statement.

Plantation has been done from the campus premises and the teaching hospital building to the main road.

Prof. Prasad, Legal Advisor of Tribhuvan University, Narayan Khanal, Executive Director of Ayurveda Campus and Teaching Hospital Dr. Binod Kumar Singh, Administrative Head Kumar K.C., professors, staffs, students and bank employees participated in the plantation programme.

Global IME Bank is the first commercial bank in the private sector with a network of branches in every district of the country. The bank is providing services to more than 3 million customers from more than 890 service centres including 290 branches, 273 ATMs, 275 branchless banking services, 51 extension and revenue collection counters and three foreign representative offices.

 Published in The Rising Nepal daily on 13 October 2022. 

Chinese ambassador Hou pays farewell call

Kathmandu, Oct. 11

Ambassador of China to Nepal, Hou Yanqi, has paid a farewell call on Minister for Foreign Affairs, Dr. Narayan Khadka, at the latter's office in Singha Durbar on Tuesday.

The Ministry of Foreign Affairs (MoFA) said in a tweet that matters of bilateral interest were discussed during the meeting. Envoy Yanqi also paid a farewell call on Foreign Secretary, Bharat Raj Paudyal.

Yanqi had assumed office in Kathmandu in December 2018.

Meanwhile, the governments of Nepal and Italy have signed a memorandum of understanding (MoU) to establish a bilateral consultation mechanism between the foreign ministries of the two countries.

Foreign Secretary Paudyal and Ambassador of Italy to Nepal, Vincenzo De Luca, who is based in New Delhi, India, signed the MoU on behalf of the foreign ministries of their respective countries.

According to the MoFA, the mechanism will be an important platform for dialogue on regular basis between the ministries in further enhancing bilateral relations and promoting areas of cooperation.

 Published in The Rising Nepal daily on 12 October 2022. 

BFIN signs strategic agreement with CPSC

Kathmandu, Oct. 11

Banking Finance and Insurance Institute of Nepal (BFIN) has signed a strategic agreement with Colombo Plan Staff College (CPSC), Manila, Philippines on Tuesday in Manila, Philippines to collaborate in capacity development for the employees of various institutions affiliated with both the institutions.

The agreement was signed by Dr. Binod Atreya, Managing Director of BFIN and Professor G.L.D Wickramasinghe, Director General of CPSC, said the BFIN in a statement.

Speaking at the agreement signing ceremony, Dr. Atreya said that this collaboration between both institutions will help in the human resource development of many member countries. He suggested hosting training in areas of mutual interest to both organisations, and proposed hosting an international training program in Nepal.

Professor Wickramasinghe assured the delegates that the agreement will be beneficial to both the organisations.

BFIN in collaboration with CPSC hosted an Advanced Bank Management training in Manila from 11-15 October. Senior officials from Agriculture Development Bank Limited, Nepal Investment Bank Limited, and Kumari Bank Limited are participating in this programme.

According to it, the programme was designed to provide insights on major transformations, trends, best practices, policies, and challenges in the financial sector of the Philippines to help banking institutions in Nepal become more globally competitive and set with the skills facing the digital world of the future.