Standard Chartered Bank Nepal Limited (SCBNL) has announced a partnership with Chhimek Laghubitta Bittiya Sanstha Limited (CLBSL), a microfinance institution, in collaboration with the Asian Development Bank (ADB).
According to SCBNL, this agreement, under an unfunded risk participation model, aims to enhance financial access in rural areas, particularly for income-generating activities.
“This partnership is the first of its kind in Nepal, and we expect this loan to enhance financial access in rural areas," said SCBNL in a press statement. “It will enable credit for income-generating endeavours and foster economic growth among marginalised communities."
The signing ceremony, held on Monday, included key representatives from the ADB, the management team of CLBSL, and senior officials from SCBNL, including the CEO and Deputy CEO.
In his address, Arnaud Cauchois, ADB’s Country Director for Nepal, said that he was convinced that the Microfinance Program (MFP) will help promote financial inclusion and reduce gender disparities by providing financing solutions to the poor and marginalised women, which is one of ADB’s priorities in the country, through CLBSL, as the first partner institution under MFP.
Similarly, Deepak Nidhi Tiwari, CEO CLBSL, said that the use of funds has been targeted around initiatives that boost self-employment activities in marginalised communities situated in rural Nepal and consumer protection is a major focus area around all activities included in this program.
Anirvan Ghosh Dastidar, CEO SCBNL in his concluding remarks, mentioned that SCBNL was committed to making the best use of their international network for innovative ideas that could benefit communities they operate in. “We look forward to similar partnerships that pave way for innovative financing tools in the near future,” he said.
