NMB Bank and ICIMOD
KAROBAR CORRESPONDENT
Wednesday, May 09, 2018
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The International Centre for Integrated Mountain Development (ICIMOD) and NMB Bank, signed a Memorandum of Understanding (MoU) to provide the mountain communities in Nepal better access to finance on Wednesday.
NMB and ICIMOD hope to build on each other's network and strengths to foster cooperation and contribute to sustainable mountain and socio-economic development in Nepal through knowledge intervention and business promotion, according to a statement issued by ICIMOD.
The partnership focuses on achieving and delivering the shared values and goals of the organisations. The three broad focus areas of the collaboration are access to finance, impact investment, and corporate social responsibility (CSR) activities for the benefit of mountain communities.
"ICIMOD is increasingly stepping up to work closely with private sector organisations in Nepal and other regional member countries of the Hindu Kush Himalayan region," said director general of ICIMOD David Molden, speaking after signing the MoU.
"We see that there is synergy in businesses and would like to engage in a meaningful partnership with NMB Bank to enhance our impact on mountain communities," he added.
ICIMOD recognises NMB as a strategic private sector partner that can provide communities the much-needed access to finance for sustainable livelihoods and the success of interventions in Nepal.
For NMB Bank, ICIMOD is a strategic knowledge and technical partner to link to social and environmental activities as well as activities related to business links and business opportunities in Nepal.
NMB is a financial institution and a member of the Global Alliance for Banking on Values (GABV). "NMB believes that investing in real economies is pertinent to the long-term economic sustainability of Nepal,"chief executive of NMB Bank Sunil KC said, adding that the collaboration with ICIMOD is in line with the bank's faith in value-based banking. "We are pleased to add value to ongoing ICIMOD activities by providing mountain communities better access to finance. Our partnership with ICIMOD will provide economic and social benefits to mountain people and help increase their income."
“For ICIMOD, working with the private sector provides greater development impact, opportunities to upscale and longer-term sustainability,” director of Strategic Cooperation, ICIMOD Basanta Shrestha said, stressing that ICIMOD, through its partnership with NMB, would like to 'leverage knowledge resources from its research, demonstration, and pilots for business development opportunities and promote social impact investments for the benefit of mountain communities.'
In August this year, Department of Irrigation, the Government of Australia, and ICIMOD, in partnership with the Alternative Energy Promotion Centre (AEPC), launched solar-powered irrigation pumps (SPIPs) in Saptari. The SPIP project is an ICIMOD pilot on clean, reliable, and affordable technology for year-round irrigation.
NMB Bank offered a special loan package to farmers, which allowed them to purchase SPIPs. As part of its CSR activities, NMB also handed over varieties of seeds to flood victims in Saptari.