Kathmandu, March 24
Nabil Bank has signed a letter of cooperation with the USAID Trade and Competitiveness Activity with the common goal to increase the availability of finance and access to financial products and services to micro, small and medium-sized enterprises (MSMEs).
With this cooperation, both parties have agreed to work to boost tourism, agriculture and digital services.
The agreement was signed by Gyanendra Prasad Dhungana, the CEO of Nabil Bank, and Agnes Luz, the chief of USAID Trade and Competitiveness Activity.
This partnership is expected to cross-share organisational strengths, experience, technologies, methodologies, and resources to pursue common goals in a collaborative way.
“Nabil being one of the pioneer banks adopting sustainable banking, we know how important it is to design and develop products and services to enhance the productivity of the agriculture and tourism sector,” says Dhungana.
He further adds the bank will work on designing various products targeted to people living in rural areas and increase employment through argo businesses.
“The partnership will help invest more in digitisation and access to finance which ultimately helps uplift the lives of people living in remote and rural areas,” says Dhungana.
Chief of Party Luz adds such partnership provides services to MSME sectors prioritising agricultural, tourism and digital service sectors.
“We believe engaging private sector such as Nabil Bank creates market system development and its implementation would create a dramatic effect on MSMEs,” she says.
Nabil Bank has formed a sustainable banking vertical to incorporate ESG standards into its services in order to promote capital flows that achieve sustainable development goals, with decisions based on risk, return and impact.
USAID Trade and Competitiveness is a five-year activity that aims to chart a new path of growth for the Nepali economy as it recovers from the Covid pandemic.