Kathmandu, Feb. 11: Nepal Infrastructure Bank (NIB)
has received operating license as a national-level infrastructure development
bank from the Nepal Rastra Bank (NRB).
The bank has received operating license to conduct
financial transaction as per the Banking and Financial Institution Act, 2073.
It is established
in joint effort and investment by the government along with various commercial banks,
insurance companies, microfinance, private sector companies and group of business
entrepreneurs of Nepal.
The
bank has authorized capital of Rs. 40 billion, issued capital of Rs. 20 billion
and paid up capital Rs. 12 billion. The investment proportion of the bank
include 10% from government and 90% from private sector.
"The
prime objective of the bank is to play vital role in the infrastructure
development of the nation more specifically in the area of construction and
development of transportation, agriculture, energy, tourism, Special Economic Zones
(SEZ), advanced urban infrastructure and information technology," said the
bank.
It
said that its core objectives were infrastructure financing, sourcing of long
term funds from international and domestic capital market and investing on
shares of the companies operating in infrastructure development.
Published in The Rising Nepal daily on 12 February 2019.
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