Kathmandu, Feb. 13
NMB Bank Limited has secured US$ 15 million (about Rs. 1.7 billion) debt investment from the United Kingdom-based CDC Group.
The bank claimed that it is the ‘first in Nepal’ to secure the debt investment from the UK’s government-owned development finance institution. CDC primarily invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs.
“The debt investment by CDC follows thorough review of the bank, its plans and capabilities. A team from CDC visited NMB for a detailed study of the bank, its books including its plans and projections plus its expertise to mobilise the allocated funds,” said bank’s Chief Executive Officer Sunil KC.
He said that NMB had been able to optimise on the opportunity provided by the recent regulatory changes introduced by the Nepal Rastra Bank and once again successfully brought foreign investment in the country.
The bank is hopeful that amidst the tight liquidity situation, the fund shall help ease out lending in the sectors of sustainable growth including infrastructure, agriculture, micro-lending and foreign currency earning sectors such as tourism and hydro projects. These sectors are aligned with CDC’s key investment sectors.
This is the third time the bank has secured such debt investment from other countries.
It was awarded ‘The Bank of the Year 2018’ by The Banker, a magazine published by The Financial Times, London.
Published in The Rising Nepal daily on 16 February 2019.
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