Jun 20, 2024

Nabil Bank signs letter of cooperation with USAID TCA

Nabil Bank signs letter of cooperation with USAID TCA

KATHMANDU:Nabil Bank has signed a Letter of Cooperation with USAID Trade and Competitiveness Activity with the common goal to increase availability of finance and access to financial products and services to micro, small and medium sized enterprises (MSMEs) in a sustainable way.

With this co-operation, both parties agree to work to boost in tourism, agriculture and digital services.

During the signing ceremony, Gyanendra Prasad Dhungana, CEO of Nabil Bank and Agnes Luz, Chief of Party, USAID Trade and Competitiveness Activity signed in the agreement. This partnership is expected to cross-share organizational strengths, experience, technologies, methodologies, and resources to pursue common goals in collaborative way. 

“Nabil being one of the pioneer bank adopting sustainable banking, we know how important is to design and develop products and services to enhance productivity of agriculture and tourism sector,” said CEO Dhungana. He further added that the bank will work on to design various products targeted to people living in rural areas, make sure to have availability of finances, increase employment through argo businesses and access to finance to all along with availability of digitalization. Moreover, he said, “The partnership will help investing more in digitization and access to finance which ultimately helps uplift the lives of people living in remote and rural areas.”

Chief of Party Luz added such partnership provides services to MSME sectors prioritizing agricultural, tourism and digital service sectors. She further said, “We believe engaging private sector such as Nabil Bank creates market system development and its implementation would create dramatic effect on MSMEs.”

The Nabil bank had formed Sustainable Banking vertical to incorporate ESG standards into its services in order to promote capital flows that achieve sustainable development goals, with decision based on risk, return and impact. USAID Trade and Competitiveness is a five-year activity that aims to chart a new path of growth for the Nepali economy as it recovers from the COVID-19 pandemic.