KATHMANDU, Sep 1: Nepal Bank Limited has signed an agreement with the Asian Development Bank (ADB) under ADB’s Trade and Supply Chain Finance Program (ADB TSCFP). The program supports international trade and development by providing loans and guarantees to address the need for trade financing.
In 2022, ADB TSCFP supported trade exceeding $7.7 billion through more than 10,000 transactions, of which over 60% was linked to small and medium sized businesses.
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Nepal Bank Limited, the first Nepali government bank to partner with ADB TSCFP, has been provided a credit line to support import transactions from over 200 countries. The agreement signing comes after extensive due diligence and discussions in core areas of Nepal Bank’s financials, corporate governance, risk, and compliance.
The agreement was signed by Steven Beck, head of ADB TSCFP, and Laxman Poudel, chief credit officer from Nepal Bank Limited under the presence of Krishna Adhikari, CEO of Nepal Bank Limited. Adhikari said. “We are delighted to have a trade financing agreement with the ADB and look forward to utilizing the credit line to support the trade activities of our customers as we further grow our presence among MSMEs.”
The signing ceremony was also attended by Arnaud Heckmann, Officer in Charge, ADB Nepal Resident Mission.
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