“The cabinet meeting Wednesday decided to let the corporation conduct financial transactions,” Krishna Bahadur Mahara, Minister for Communication, told reporters.
NIDC was established in 1959 to serve the purpose of extending financial and technical support for establishing and expanding industries. However, considering a rapid deterioration of its financial health, the government five years ago restricted it from issuing fresh loans and pursued a restructuring plan that focused on loan recovery and privatization.
Talking to the press after the meeting, Mahara, who is the government´s spokesperson, said that the government has also decided to forward the Financial Procedures to parliament for its endorsement.
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