Kathmandu, Jan. 25
Nabil
Bank has launched a special entrepreneurship loan product to support the
returnee Nepali migrant workers in establishing and running business in the
area they are proficient.
Minister
for Labour, Employment and Social Security, Sharat Singh Bhandari, and Chairman
of the bank, Upendra Prasad Poudyal jointly launched the product - Nabil
Skilled Migrant Entrepreneurship Loan - at a programme organised in Kathmandu
on Thursday.
The
loan is designed for income-generating activities or enterprise that offers
flexible features such as loan limit up to Rs. 100 million for tenure of up to
10 years.
The
bank said that it provides attractive interest rate for the product which is
1.50 per cent over base rate. In addition to that, there will be an efficient
approval process of loan from minimum of 3 to 5 days to ease and facilitate
returnee migrants.
"The
bank believes that the loan scheme plays vital role in addressing the unique
financial needs of returning immigrants, promoting entrepreneurship through
their acquired knowledge and expertise. By actively participating in national
development efforts, Nabil Bank aims to create an environment that nurtures
returning migrants in pursuing their business goals and contributing to the
country's economic growth," said the bank.
Speaking
on the occasion, Minister Bhandari said that foreign employment has become
highly competitive but Nepali workers are less competitive in skill, technology
and language.
He
highlighted the government's initiative to curb brain drain and encouraged
youths to return home and be part of positive change. He further emphasized
that the government is working closely with the private sector to motivate more
Nepali settled abroad to return home and start businesses.
Stating
that Nabil Bank’s initiative in introducing such programme is praiseworthy, he
said, “Financial support is the key support in establishing business and the
commitment that Nabil Bank is making to providing easy, accessible and
subsidized loan to returnee migrants will definitely help on the government’s
drive to returning youths to home country.”
According
to Minister Bhandari, returnees are more skilled and responsible in their
economic and social dealings, and the country needed a system to certify their
skill and opportunities to further enhancement of skills.
Kewal
Prasad Bhandari, Secretary of the Ministry of Labour, Employment and Social
Security (MoLESS), said that various programmes are being implemented with the
support from the destination countries like Japan and Korea to provide support
to the returnee migrant.
"Most
of the returnees need small financial support, our surveys have shown. So, they
should be supported in the production, promotion and marketing their
products," he said.
He
also informed that the government is taking various initiatives to utilize the
capital and skills of Nepalis who have returned to Nepal and Nabil’s product
will further help them transform their skills into enterprise.
Likewise,
Poudyal said that the launch of ‘Nabil Skilled Migrant Entrepreneurship Loan'
represents a significant two-year milestone in sustainable banking, expanding
Nabil Bank's range of products that support local economies and small
businesses.
Gyanendra
Prasad Dhungana, CEO Nabil Bank, said, “The loan product addresses the
financial hurdles faced by returning migrants, aiding their reintegration into
the community.”
He
believed that the product will provide support during the transition back to
Nepal in financing while Nabil School of Social Entrepreneurship will help
acquire returnees to learn required knowledge to start enterprises.
The
bank has 266 branch networks, 22 extension counters with 313 ATM machine serves
above 1.8 million customer base across the country.
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