June 27: Global IME Bank has signed a loan agreement with International Finance Corporation (IFC) for borrowing US$ 20 million.
Mahesh Sharma Dhakal, acting CEO of Global IME Bank, and M Rehan Rashid, resident representative and country head of Nepal for the IFC signed the agreement on behalf of their respective organizations amid a function organised at Global IME Bank’s corporate office in Kamaladi, Kathmandu on Wednesday, June 26.
Under the agreement, Global IME Bank will received the agreed amount upon receiving final approval from the Nepal Rastra Bank. According to the bank, it will dole out the US$ 20 million in the priority sector lending. The agreement is expected to provide respite to the prevalent shortage of loanable fund in the banking sector. The bank said in a statement that the fund shall be mobilised primarily to support agribusiness, tourism and SMEs.