KATHMANDU, Oct 1: Standard Chartered Bank Nepal Limited (SCBNL) has partnered with Chhimek Laghubitta Bittiya Sanstha Limited (CLBSL), in collaboration with Asian Development Bank (ADB) under an unfunded risk participation agreement. This partnership is the first of its kind in Nepal and this loan is expected to help enable financial access in rural areas to provide credit for income generating endeavors and fostering economic growth in marginalized communities.
Arnaud Cauchois, ADB’s country director for Nepal, expressed happiness about the launch of ADB’s Microfinance Program (MFP) in Nepal, under the bank’s private sector operations.
Standard Chartered donates Rs 3.7 million to Maiti Nepal
“I am convinced that the MFP will help promote financial inclusion and reduce gender disparities by providing financing solutions to the poor and marginalized women, which is one of ADB’s priorities in the country, through CLBSL, as the first partner institution under MFP” a statement issued by the ADB quoted Cauchois as saying.
ADB Director General for Private Sector Operations, Suzanne Gaboury, said, “We can tackle poverty at its roots and create opportunities that uplift communities through collaboration and innovative strategies. ADB has supported SCBNL’s financing to CLBSL, one of Nepal’s largest Microfinance Institutions (MFIs), which will benefit over 5,000 women micro borrowers.”
Deepak Nidhi Tiwari, CEO of CLBSL said that the initiative boosts self-employment activities in marginalized communities situated in rural Nepal.
“Consumer protection is a major focus area around all activities included in this program”, the statement quoted Tiwari as saying.
