KATHMANDU, May 10: The International Centre for Integrated Mountain Development (ICIMOD) and NMB Bank, Nepal signed a Memorandum of Understanding to provide the mountain communities in Nepal better access to finance on Wednesday.
NMB and ICIMOD hope to build on each other's network and strengths to foster cooperation and contribute to sustainable mountain and socio-economic development in Nepal through knowledge intervention and business promotion, according to a statement issued by ICIMOD on Wednesday.
The partnership focuses on achieving and delivering the shared values and goals of the organizations. The three broad focus areas of the collaboration are access to finance, impact investment, and corporate social responsibility (CSR) activities for the benefit of mountain communities.
Speaking on the occasion, David Molden, Director General of ICIMOD, said, “ICIMOD is increasingly stepping up to work closely with private sector organizations in Nepal and other regional member countries of the Hindu Kush Himalayan region. We see that there is synergy in businesses and would like to engage in a meaningful partnership with NMB Bank to enhance our impact on mountain communities.” ICIMOD recognizes NMB as a strategic private sector partner that can provide communities the much-needed access to finance for sustainable livelihoods and the success of interventions in Nepal.
In August this year, Nepal's Department of Irrigation, the Government of Australia, and ICIMOD, in partnership with the Alternative Energy Promotion Centre (AEPC), launched solar-powered irrigation pumps (SPIPs) in Saptari. The SPIP project is an ICIMOD pilot on clean, reliable, and affordable technology for year-round irrigation. NMB Bank offered a special loan package to farmers, which allowed them to purchase SPIPs. As part of its CSR activities, NMB also handed over varieties of seeds to flood victims in Saptari.