KATHMANDU, March 7: Nepal Infrastructure Bank Ltd has come into operation from Wednesday, aiming to generate finances for infrastructure projects. Minister for Finance Yuba Raj Khatiwada inaugurated the bank.
With a paid-up capital of Rs 20 billion, the bank is the largest in terms of paid-up capital. It has an authorized capital of Rs 40 billion.
The bank, headquartered in Kathmandu, will have its branch offices in each province. The bank is established under public private partnership model.
The bank is expected to be instrumental in resolving the financing crisis of the infrastructure sector, while other banks and financial institutions are reluctant to provide funds for long term projects.
Addressing the inauguration event, Khatiwada, who is also a former governor of the central bank, asked the people to develop a habit of using banks.