Global IME Bank has signed an agreement to borrow loan of $25 million US from CDC Group, a UK-based development finance institution. Ratna Raj Bajracharya, Chief Executive Officer at Global IME Bank and Ravi Rayamajhi, Country Representative of CDC Group have signed the agreement.
According to a press release issued by the bank, the loan will amplify the bank’s plans to broaden its offer to key sectors, including renewable energy and tourism sectors, classified by the Government of Nepal as priority sectors for the country. The Bank’s goal to provide local and foreign currency longer-term lending to businesses within these sectors and others, aligns with CDC’s ambition to increase green finance and help scale clean energy and infrastructure projects across its markets, including in key countries like Nepal.
Srini Nagarajan, Managing Director, Head of Asia, at CDC Group, commented, “Nepal is a high priority country for CDC, and we’re pleased to partner with GIME, one of Nepal’s leading banks with deep sectoral expertise and extensive geographical footprint across the country. As our second direct financial services investment in the country, this facility reiterates our commitment to continue to support economic recovery and sustainable growth in Nepal.”
Bajracharya also commented,”We are pleased to announce our relationship with CDC Group PLC, UK Government’s international impact investor with over 70 years of experience of successfully supporting the sustainable. Our partnership and CDC’s commitment to us will enhance and bolstered our lending capacity to businesses across key economic priority sectors, such as infrastructure, construction, manufacturing, agriculture, and tourism of the country. This facility will stimulate economic opportunities across the nation in various sectors and address the much-needed funding demand in the country.”