By Our Reporter
NMB Bank becomes the first bank in Nepal to secure USD 15 million debt investment from CDC Group. CDC Group plc is the UK’s development finance institution.
Owned by the UK government, it invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs.
The debt investment by CDC follows thorough review of the Bank, its plans and capabilities. A team from CDC visited the Bank for a detailed study of the Bank, its books including its plans and projections plus its expertise to mobilize the allocated funds.
NMB has been able to optimize on the opportunity provided by the recent regulatory changes introduced by Nepal Rastra Bank and once again successfully bring foreign investment in the country. Amidst the tight liquidity situation, the said fund shall help ease out the lending in sectors of sustainable growth including infrastructure, agriculture, micro-lending and foreign currency earning sectors such as tourism and hydro projects-which is also aligned with CDC’s key investment sectors.
Including the Debt investment from CDC -NMB has already brought in three of such debt investments in the country and is the only bank to bring such investments in Nepal, so far. NMB Bank has been awarded ‘The Bank of the Year – 2018’ by The Banker, The Financial Times, London, for the second consecutive year.