November 29: Global IME Bank has decided to make loan easible available to small and medium-scale enterprises of remote areas in order to uplift the living standard of the people of rural Nepal. The bank will provide such loan as per an agreement with the Ministry of Finance and Nepal Rastra bank under the Sustainable Rural Development Program. The program will be implemented with the assistance of the German government and funding from KfW Development Bank, reads a statement issued by Global IME Bank. An agreement to this effect between the concerned stakeholders was signed on Tuesday, November 29.

As per the agreement, the bank said it will provide entrepreneurs of rural areas with small and medium enterprises loan and agriculture loan with the financial and technical assistance of KfW Development Bank.

According to the business agreement, KfW will provide a total of 5 million euros (Rs Rs 515 million) to the Global IME Bank. The German bank will provide additional Rs 10 million to Global IME Bank at subsidized rate if it invests Rs 10 million.

Global IME Bank said it will provide loan ranging from a minimum amount of Rs 200,000 to the maximum of Rs 4 million to the people from rural areas utilizing the subsidized loan from the German bank.