NEWS

Availability of MCC Grant Not Open-ended: United States

Jun 30, 2020 0 4 minutes 48 seconds to read

June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. ‘The United States is aware that parliament has not yet ratified the MCC Compact. Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019. Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis. Accepting this grant is Nepal’s choice but the availability…

CIAA Won’t be Investigating Private Sector Affairs: Oli

Jun 30, 2020 0 3 minutes 41 seconds to read

At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector.…

New Reinsurance Company in the Offing

Jun 30, 2020 0 3 minutes 47 seconds to read

A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector.…

ADB Approves USD 200 Million Power Sector Loan to Nepal

Jun 29, 2020 0 3 minutes 3 seconds to read

The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in…

Secondary Securities Market Reopens from Today

Jun 29, 2020 0 2 minutes 35 seconds to read

The secondary securities market which has been closed since March 23 is reopening from today.…

Rasuwagadhi Border Point to Reopen This Week

Jun 29, 2020 0 2 minutes 2 seconds to read

The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily.…

Homework to Extend MCC Agreement Deadline

Jun 28, 2020 0 3 minutes 59 seconds to read

The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the…

Attraction in Covid-19 Insurance Declining

Jun 28, 2020 0 2 minutes 15 seconds to read

While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading.…

Govt to Formulate Law to Regulate E-Commerce Business

Jun 26, 2020 0 4 minutes 9 seconds to read

The government is preparing to formulate a law to regulate and monitor online shopping business.…

MCC Ranks 1st among US Agencies in Aid Transparency

Jun 26, 2020 0 2 minutes 48 seconds to read

At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world.…

Realme C3 Hits Market Shelves

Jun 25, 2020 0 6 minutes 19 seconds to read

Chinese handset brand Realme has launched Realme C3 in the Nepali…

NRB Removes Daily and Monthly Payment Limits for Stock Transactions

Jun 25, 2020 0 1 minutes 35 seconds to read

The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers.…

Arrangements in CIAA Bill Impair Investment Environment: Private Sector

Jun 25, 2020 0 5 minutes 16 seconds to read

Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of…

New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia

Jun 25, 2020 0 3 minutes 42 seconds to read

A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial…

Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank

Jun 24, 2020 0 2 minutes 58 seconds to read

The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19…

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No Laughing Matter

The Sweet Rewards of Power

By Madan Lamsal

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			'title' => 'Availability of MCC Grant Not Open-ended: United States',
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			'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant.  ‘The United States is aware that parliament has not yet ratified the MCC Compact.  Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.  Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.  Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended.  Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated.  With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament.  The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project.  Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement.    Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation.  According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said.  Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process.  "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&lsquo;The United States is aware that parliament has not yet ratified the MCC Compact.&nbsp; Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.&nbsp; Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.&nbsp; Accepting this grant is Nepal&rsquo;s choice but the availability of the funding is not open-ended.&nbsp; Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,&rdquo; the embassy stated. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. &ldquo;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,&rdquo; reads the statement. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to a source</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">the decision to extend the deadline has not been finalised yet. &quot;Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> will be prepared soon,&quot; a senior official at the ministry said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">M</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">C</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">done</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> as soon as possible to enter the compact&#39;s implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and take the programme forward,&rdquo; the statement said. </span></span></span></span></p>
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			'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli',
			'sub_title' => '',
			'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ',
			'content' => '<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country&rsquo;s business community that the anti graft body won&rsquo;t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;We have to work together in our endeavors for a prosperous Nepal,&rdquo; he said claiming that the government&rsquo;s intention is not to discourage or not to cooperate with the sector. &ldquo;We can&rsquo;t even think of it,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country&rsquo;s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. &ldquo;There are other agencies to regulate the private sector and CIAA is not required in this respect,&rdquo; mentioned Oli. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. &ldquo;Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,&rdquo; he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country&rsquo;s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p>
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		'Article' => array(
			'id' => '12155',
			'article_category_id' => '1',
			'title' => 'New Reinsurance Company in the Offing ',
			'sub_title' => '',
			'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">&nbsp;&ldquo;The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,&rdquo; he said, adding &ldquo;The process will further move ahead after their investment commitment.&rdquo; After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. &ldquo;However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven&rsquo;t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal',
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			'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province&nbsp;and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. &ldquo;The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;&ldquo;The project will help sustain Nepal&rsquo;s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,&rdquo; the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. &ldquo;It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (COVID-19) pandemic.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the statement, complementing ADB&rsquo;s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. &ldquo;In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,&rdquo; informed ADB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project is aligned with the South Asia Subregional Economic Cooperation programme&nbsp;on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts&nbsp;will facilitate cross-border power exchange with India.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;ADB and other development partners have been engaged in Nepal&rsquo;s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,&rdquo; reads the statement. </span></span></span></span></p>
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			'created' => '2020-06-29',
			'modified' => '2020-06-29',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11901',
			'image' => '20200629012422_Transmission Line.jpg',
			'article_date' => '2020-06-29 13:21:43',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12153',
			'article_category_id' => '1',
			'title' => 'Secondary Securities Market Reopens from Today ',
			'sub_title' => '',
			'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse&rsquo;s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p>
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			'description' => '',
			'sortorder' => '11900',
			'image' => '20200629010755_SEBON.jpg',
			'article_date' => '2020-06-29 13:06:38',
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	(int) 5 => array(
		'Article' => array(
			'id' => '12152',
			'article_category_id' => '1',
			'title' => 'Rasuwagadhi Border Point to Reopen This Week',
			'sub_title' => '',
			'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal&rsquo;s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. &nbsp;He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. &ldquo;300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,&rdquo; said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. &ldquo;The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal&rsquo;s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,&rdquo; said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). &nbsp;According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11899',
			'image' => '20200629105425_Rasuwagadhi border point.jpg',
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	(int) 6 => array(
		'Article' => array(
			'id' => '12151',
			'article_category_id' => '1',
			'title' => 'Homework to Extend MCC Agreement Deadline',
			'sub_title' => '',
			'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter&nbsp;of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Finance Minister Dr Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. &ldquo;As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,&rdquo; the source said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. &ldquo;The project will not be implemented without the approval of the parliament.&nbsp; The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,&rdquo; a senior official of MCA told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government had said that the MCC agreement would be approved by the parliament from the last year&rsquo;s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year&rsquo;s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">During a telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p>
',
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			'created' => '2020-06-28',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11898',
			'image' => '20200628033821_MCC.jpg',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12150',
			'article_category_id' => '1',
			'title' => 'Attraction in Covid-19 Insurance Declining ',
			'sub_title' => '',
			'summary' => 'While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Chanki Chettri, general secretary of Nepal Insurers&rsquo; Association (NIA), the growth of Covid-19 insurance policy has decreased. &ldquo;The number of people buying the insurance policy is increasing. But the growth is contracting,&rdquo; he said. &ldquo;The daily sales of the policies is declining.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '11897',
			'image' => '20200628023650_covid-19 insurance.jpg',
			'article_date' => '2020-06-28 14:35:09',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12149',
			'article_category_id' => '1',
			'title' => 'Govt to Formulate Law to Regulate E-Commerce Business',
			'sub_title' => '',
			'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. &nbsp;&ldquo;Our main goal is to protect the interests of consumers and regulate the online shopping service providers.&rdquo; He said that the law will also promote and develop online business sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. &ldquo;Currently, service providers are selling services or goods that they aren&rsquo;t supposed to,&rdquo; said Acharya, &ldquo;Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>
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			'sortorder' => '11896',
			'image' => '20200626044231_online shopping law nepal.jpg',
			'article_date' => '2020-06-26 16:41:12',
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	(int) 9 => array(
		'Article' => array(
			'id' => '12148',
			'article_category_id' => '1',
			'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ',
			'sub_title' => '',
			'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world&rsquo;s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked &lsquo;Sovereign Portfolio&rsquo; of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;MCC is proud to be recognized as the most transparent agency in the United States&rsquo; Government,&rdquo; a statement issued by MCC quoted its CEO Sean Cairncross as saying. &ldquo;We are committed to sharing the successes and lessons-learned from our unique model and our investments&mdash;through innovative reporting tools, like our Evaluation Briefs and Star Reports&mdash;making critical data from our programs accessible to policymakers and the development community around the world.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, &ldquo;We congratulate MCC on ranking in the &lsquo;very good&rsquo; category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world&rsquo;s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the &ldquo;Very Good&rdquo; category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12147',
			'article_category_id' => '1',
			'title' => 'Realme C3 Hits Market Shelves ',
			'sub_title' => '',
			'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25:<strong> &nbsp;</strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new &lsquo;Triple Camera, Game Monster&rsquo; smartphone as the &lsquo;most powerful&rsquo; entry-level smartphone available in the market currently under Rs 18,000 price range. &ldquo;Realme C3 is an addition to realme&rsquo;s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. &ldquo;C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,&rdquo; claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Triple AI Camera</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25&mu;m pixel size. It can zoom up to 4X and supports PDAF autofocus. &ldquo;This makes the pictures clear in daylight and bright in low light &amp; dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it&rsquo;s plants, animals or people,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and slow-motion videos at 120 fps.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a &lsquo;Pano-selfie&rsquo; feature that can take wider selfies. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Design and Display</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5&quot; HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">normal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">dewdrop, making the screen to body ratio as high as 89.8 percent. &ldquo;This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">scrolling through social media,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. &ldquo;The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,&rdquo; informed the company. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">CPU and GPU</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. &ldquo;It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '12146',
			'article_category_id' => '1',
			'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ',
			'sub_title' => '',
			'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Investors say that though NRB&rsquo;s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. &nbsp;</span></span></span></span></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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	(int) 12 => array(
		'Article' => array(
			'id' => '12145',
			'article_category_id' => '1',
			'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ',
			'sub_title' => '',
			'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. &nbsp;The Bill, which was supposed to get NA&rsquo;s endorsement from Tuesday&rsquo;s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&nbsp;&ldquo;The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,&rdquo; reads the statement. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">FNCCI and CNI claimed that instead of focusing on country&rsquo;s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to private sector leaders, the country&rsquo;s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments.&nbsp; &ldquo;We need investment in the current situation. But, it is certain that the government&rsquo;s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,&rdquo; he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. &ldquo;We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,&rdquo; he said, adding, &ldquo;The commission should effectively monitor those 14 bodies instead.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. &ldquo;The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,&rdquo; he said, adding, &ldquo;What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.&rdquo; Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. &nbsp;</span></span></span></span></p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '12144',
			'article_category_id' => '1',
			'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ',
			'sub_title' => '',
			'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the report titled &ldquo;Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges&rdquo;, &nbsp;these countries </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it&rsquo;s all the more vital for countries to embrace sustainable financial development to build resilience for the future,&rdquo; the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken,&quot; the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,&rdquo;&nbsp;the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, IFC&rsquo;s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world&rsquo;s most vulnerable and poorest countries. Last month, Mongolia&rsquo;s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p>
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			'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank',
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			'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s energy sector. &ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal&rsquo;s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,&rdquo; the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. &ldquo;Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; the statement said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,&rdquo; the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Availability of MCC Grant Not Open-ended: United States',
			'sub_title' => '',
			'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant.  ‘The United States is aware that parliament has not yet ratified the MCC Compact.  Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.  Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.  Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended.  Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated.  With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament.  The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project.  Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement.    Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation.  According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said.  Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process.  "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&lsquo;The United States is aware that parliament has not yet ratified the MCC Compact.&nbsp; Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.&nbsp; Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.&nbsp; Accepting this grant is Nepal&rsquo;s choice but the availability of the funding is not open-ended.&nbsp; Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,&rdquo; the embassy stated. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. &ldquo;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,&rdquo; reads the statement. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to a source</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">the decision to extend the deadline has not been finalised yet. &quot;Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> will be prepared soon,&quot; a senior official at the ministry said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">M</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">C</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">done</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> as soon as possible to enter the compact&#39;s implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and take the programme forward,&rdquo; the statement said. </span></span></span></span></p>
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			'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli',
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			'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ',
			'content' => '<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country&rsquo;s business community that the anti graft body won&rsquo;t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;We have to work together in our endeavors for a prosperous Nepal,&rdquo; he said claiming that the government&rsquo;s intention is not to discourage or not to cooperate with the sector. &ldquo;We can&rsquo;t even think of it,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country&rsquo;s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. &ldquo;There are other agencies to regulate the private sector and CIAA is not required in this respect,&rdquo; mentioned Oli. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. &ldquo;Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,&rdquo; he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country&rsquo;s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p>
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			'id' => '12155',
			'article_category_id' => '1',
			'title' => 'New Reinsurance Company in the Offing ',
			'sub_title' => '',
			'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">&nbsp;&ldquo;The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,&rdquo; he said, adding &ldquo;The process will further move ahead after their investment commitment.&rdquo; After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. &ldquo;However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven&rsquo;t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12154',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province&nbsp;and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. &ldquo;The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;&ldquo;The project will help sustain Nepal&rsquo;s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,&rdquo; the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. &ldquo;It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (COVID-19) pandemic.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the statement, complementing ADB&rsquo;s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. &ldquo;In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,&rdquo; informed ADB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project is aligned with the South Asia Subregional Economic Cooperation programme&nbsp;on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts&nbsp;will facilitate cross-border power exchange with India.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;ADB and other development partners have been engaged in Nepal&rsquo;s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,&rdquo; reads the statement. </span></span></span></span></p>
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			'created' => '2020-06-29',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '11901',
			'image' => '20200629012422_Transmission Line.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12153',
			'article_category_id' => '1',
			'title' => 'Secondary Securities Market Reopens from Today ',
			'sub_title' => '',
			'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse&rsquo;s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12152',
			'article_category_id' => '1',
			'title' => 'Rasuwagadhi Border Point to Reopen This Week',
			'sub_title' => '',
			'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal&rsquo;s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. &nbsp;He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. &ldquo;300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,&rdquo; said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. &ldquo;The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal&rsquo;s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,&rdquo; said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). &nbsp;According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12151',
			'article_category_id' => '1',
			'title' => 'Homework to Extend MCC Agreement Deadline',
			'sub_title' => '',
			'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter&nbsp;of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Finance Minister Dr Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. &ldquo;As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,&rdquo; the source said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. &ldquo;The project will not be implemented without the approval of the parliament.&nbsp; The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,&rdquo; a senior official of MCA told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government had said that the MCC agreement would be approved by the parliament from the last year&rsquo;s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year&rsquo;s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">During a telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p>
',
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			'sortorder' => '11898',
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	(int) 7 => array(
		'Article' => array(
			'id' => '12150',
			'article_category_id' => '1',
			'title' => 'Attraction in Covid-19 Insurance Declining ',
			'sub_title' => '',
			'summary' => 'While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Chanki Chettri, general secretary of Nepal Insurers&rsquo; Association (NIA), the growth of Covid-19 insurance policy has decreased. &ldquo;The number of people buying the insurance policy is increasing. But the growth is contracting,&rdquo; he said. &ldquo;The daily sales of the policies is declining.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p>

<p>&nbsp;</p>
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			'sortorder' => '11897',
			'image' => '20200628023650_covid-19 insurance.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12149',
			'article_category_id' => '1',
			'title' => 'Govt to Formulate Law to Regulate E-Commerce Business',
			'sub_title' => '',
			'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. &nbsp;&ldquo;Our main goal is to protect the interests of consumers and regulate the online shopping service providers.&rdquo; He said that the law will also promote and develop online business sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. &ldquo;Currently, service providers are selling services or goods that they aren&rsquo;t supposed to,&rdquo; said Acharya, &ldquo;Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12148',
			'article_category_id' => '1',
			'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ',
			'sub_title' => '',
			'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world&rsquo;s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked &lsquo;Sovereign Portfolio&rsquo; of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;MCC is proud to be recognized as the most transparent agency in the United States&rsquo; Government,&rdquo; a statement issued by MCC quoted its CEO Sean Cairncross as saying. &ldquo;We are committed to sharing the successes and lessons-learned from our unique model and our investments&mdash;through innovative reporting tools, like our Evaluation Briefs and Star Reports&mdash;making critical data from our programs accessible to policymakers and the development community around the world.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, &ldquo;We congratulate MCC on ranking in the &lsquo;very good&rsquo; category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world&rsquo;s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the &ldquo;Very Good&rdquo; category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12147',
			'article_category_id' => '1',
			'title' => 'Realme C3 Hits Market Shelves ',
			'sub_title' => '',
			'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25:<strong> &nbsp;</strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new &lsquo;Triple Camera, Game Monster&rsquo; smartphone as the &lsquo;most powerful&rsquo; entry-level smartphone available in the market currently under Rs 18,000 price range. &ldquo;Realme C3 is an addition to realme&rsquo;s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. &ldquo;C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,&rdquo; claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Triple AI Camera</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25&mu;m pixel size. It can zoom up to 4X and supports PDAF autofocus. &ldquo;This makes the pictures clear in daylight and bright in low light &amp; dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it&rsquo;s plants, animals or people,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and slow-motion videos at 120 fps.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a &lsquo;Pano-selfie&rsquo; feature that can take wider selfies. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Design and Display</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5&quot; HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">normal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">dewdrop, making the screen to body ratio as high as 89.8 percent. &ldquo;This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">scrolling through social media,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. &ldquo;The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,&rdquo; informed the company. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">CPU and GPU</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. &ldquo;It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
',
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			'created' => '2020-06-25',
			'modified' => '2020-06-25',
			'keywords' => '',
			'description' => '',
			'sortorder' => '11894',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12146',
			'article_category_id' => '1',
			'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ',
			'sub_title' => '',
			'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Investors say that though NRB&rsquo;s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. &nbsp;</span></span></span></span></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12145',
			'article_category_id' => '1',
			'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ',
			'sub_title' => '',
			'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. &nbsp;The Bill, which was supposed to get NA&rsquo;s endorsement from Tuesday&rsquo;s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&nbsp;&ldquo;The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,&rdquo; reads the statement. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">FNCCI and CNI claimed that instead of focusing on country&rsquo;s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to private sector leaders, the country&rsquo;s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments.&nbsp; &ldquo;We need investment in the current situation. But, it is certain that the government&rsquo;s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,&rdquo; he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. &ldquo;We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,&rdquo; he said, adding, &ldquo;The commission should effectively monitor those 14 bodies instead.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. &ldquo;The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,&rdquo; he said, adding, &ldquo;What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.&rdquo; Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. &nbsp;</span></span></span></span></p>
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		'Article' => array(
			'id' => '12144',
			'article_category_id' => '1',
			'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ',
			'sub_title' => '',
			'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the report titled &ldquo;Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges&rdquo;, &nbsp;these countries </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it&rsquo;s all the more vital for countries to embrace sustainable financial development to build resilience for the future,&rdquo; the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken,&quot; the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,&rdquo;&nbsp;the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, IFC&rsquo;s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world&rsquo;s most vulnerable and poorest countries. Last month, Mongolia&rsquo;s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p>
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			'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank',
			'sub_title' => '',
			'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s energy sector. &ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal&rsquo;s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,&rdquo; the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. &ldquo;Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; the statement said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,&rdquo; the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Availability of MCC Grant Not Open-ended: United States',
			'sub_title' => '',
			'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant.  ‘The United States is aware that parliament has not yet ratified the MCC Compact.  Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.  Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.  Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended.  Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated.  With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament.  The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project.  Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement.    Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation.  According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said.  Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process.  "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&lsquo;The United States is aware that parliament has not yet ratified the MCC Compact.&nbsp; Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.&nbsp; Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.&nbsp; Accepting this grant is Nepal&rsquo;s choice but the availability of the funding is not open-ended.&nbsp; Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,&rdquo; the embassy stated. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. &ldquo;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,&rdquo; reads the statement. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to a source</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">the decision to extend the deadline has not been finalised yet. &quot;Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> will be prepared soon,&quot; a senior official at the ministry said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">M</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">C</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">done</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> as soon as possible to enter the compact&#39;s implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and take the programme forward,&rdquo; the statement said. </span></span></span></span></p>
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			'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli',
			'sub_title' => '',
			'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ',
			'content' => '<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country&rsquo;s business community that the anti graft body won&rsquo;t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;We have to work together in our endeavors for a prosperous Nepal,&rdquo; he said claiming that the government&rsquo;s intention is not to discourage or not to cooperate with the sector. &ldquo;We can&rsquo;t even think of it,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country&rsquo;s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. &ldquo;There are other agencies to regulate the private sector and CIAA is not required in this respect,&rdquo; mentioned Oli. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. &ldquo;Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,&rdquo; he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country&rsquo;s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12155',
			'article_category_id' => '1',
			'title' => 'New Reinsurance Company in the Offing ',
			'sub_title' => '',
			'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">&nbsp;&ldquo;The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,&rdquo; he said, adding &ldquo;The process will further move ahead after their investment commitment.&rdquo; After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. &ldquo;However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven&rsquo;t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '12154',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province&nbsp;and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. &ldquo;The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;&ldquo;The project will help sustain Nepal&rsquo;s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,&rdquo; the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. &ldquo;It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (COVID-19) pandemic.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the statement, complementing ADB&rsquo;s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. &ldquo;In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,&rdquo; informed ADB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project is aligned with the South Asia Subregional Economic Cooperation programme&nbsp;on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts&nbsp;will facilitate cross-border power exchange with India.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;ADB and other development partners have been engaged in Nepal&rsquo;s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,&rdquo; reads the statement. </span></span></span></span></p>
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	(int) 4 => array(
		'Article' => array(
			'id' => '12153',
			'article_category_id' => '1',
			'title' => 'Secondary Securities Market Reopens from Today ',
			'sub_title' => '',
			'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse&rsquo;s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12152',
			'article_category_id' => '1',
			'title' => 'Rasuwagadhi Border Point to Reopen This Week',
			'sub_title' => '',
			'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal&rsquo;s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. &nbsp;He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. &ldquo;300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,&rdquo; said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. &ldquo;The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal&rsquo;s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,&rdquo; said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). &nbsp;According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 6 => array(
		'Article' => array(
			'id' => '12151',
			'article_category_id' => '1',
			'title' => 'Homework to Extend MCC Agreement Deadline',
			'sub_title' => '',
			'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter&nbsp;of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Finance Minister Dr Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. &ldquo;As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,&rdquo; the source said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. &ldquo;The project will not be implemented without the approval of the parliament.&nbsp; The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,&rdquo; a senior official of MCA told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government had said that the MCC agreement would be approved by the parliament from the last year&rsquo;s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year&rsquo;s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">During a telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12150',
			'article_category_id' => '1',
			'title' => 'Attraction in Covid-19 Insurance Declining ',
			'sub_title' => '',
			'summary' => 'While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Chanki Chettri, general secretary of Nepal Insurers&rsquo; Association (NIA), the growth of Covid-19 insurance policy has decreased. &ldquo;The number of people buying the insurance policy is increasing. But the growth is contracting,&rdquo; he said. &ldquo;The daily sales of the policies is declining.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p>

<p>&nbsp;</p>
',
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			'created' => '2020-06-28',
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			'description' => '',
			'sortorder' => '11897',
			'image' => '20200628023650_covid-19 insurance.jpg',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12149',
			'article_category_id' => '1',
			'title' => 'Govt to Formulate Law to Regulate E-Commerce Business',
			'sub_title' => '',
			'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. &nbsp;&ldquo;Our main goal is to protect the interests of consumers and regulate the online shopping service providers.&rdquo; He said that the law will also promote and develop online business sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. &ldquo;Currently, service providers are selling services or goods that they aren&rsquo;t supposed to,&rdquo; said Acharya, &ldquo;Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12148',
			'article_category_id' => '1',
			'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ',
			'sub_title' => '',
			'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world&rsquo;s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked &lsquo;Sovereign Portfolio&rsquo; of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;MCC is proud to be recognized as the most transparent agency in the United States&rsquo; Government,&rdquo; a statement issued by MCC quoted its CEO Sean Cairncross as saying. &ldquo;We are committed to sharing the successes and lessons-learned from our unique model and our investments&mdash;through innovative reporting tools, like our Evaluation Briefs and Star Reports&mdash;making critical data from our programs accessible to policymakers and the development community around the world.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, &ldquo;We congratulate MCC on ranking in the &lsquo;very good&rsquo; category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world&rsquo;s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the &ldquo;Very Good&rdquo; category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p>
',
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			'sortorder' => '11895',
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	(int) 10 => array(
		'Article' => array(
			'id' => '12147',
			'article_category_id' => '1',
			'title' => 'Realme C3 Hits Market Shelves ',
			'sub_title' => '',
			'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25:<strong> &nbsp;</strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new &lsquo;Triple Camera, Game Monster&rsquo; smartphone as the &lsquo;most powerful&rsquo; entry-level smartphone available in the market currently under Rs 18,000 price range. &ldquo;Realme C3 is an addition to realme&rsquo;s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. &ldquo;C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,&rdquo; claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Triple AI Camera</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25&mu;m pixel size. It can zoom up to 4X and supports PDAF autofocus. &ldquo;This makes the pictures clear in daylight and bright in low light &amp; dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it&rsquo;s plants, animals or people,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and slow-motion videos at 120 fps.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a &lsquo;Pano-selfie&rsquo; feature that can take wider selfies. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Design and Display</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5&quot; HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">normal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">dewdrop, making the screen to body ratio as high as 89.8 percent. &ldquo;This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">scrolling through social media,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. &ldquo;The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,&rdquo; informed the company. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">CPU and GPU</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. &ldquo;It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
',
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			'created' => '2020-06-25',
			'modified' => '2020-06-25',
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	(int) 11 => array(
		'Article' => array(
			'id' => '12146',
			'article_category_id' => '1',
			'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ',
			'sub_title' => '',
			'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Investors say that though NRB&rsquo;s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. &nbsp;</span></span></span></span></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
',
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	(int) 12 => array(
		'Article' => array(
			'id' => '12145',
			'article_category_id' => '1',
			'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ',
			'sub_title' => '',
			'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. &nbsp;The Bill, which was supposed to get NA&rsquo;s endorsement from Tuesday&rsquo;s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&nbsp;&ldquo;The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,&rdquo; reads the statement. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">FNCCI and CNI claimed that instead of focusing on country&rsquo;s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to private sector leaders, the country&rsquo;s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments.&nbsp; &ldquo;We need investment in the current situation. But, it is certain that the government&rsquo;s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,&rdquo; he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. &ldquo;We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,&rdquo; he said, adding, &ldquo;The commission should effectively monitor those 14 bodies instead.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. &ldquo;The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,&rdquo; he said, adding, &ldquo;What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.&rdquo; Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. &nbsp;</span></span></span></span></p>
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		'Article' => array(
			'id' => '12144',
			'article_category_id' => '1',
			'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ',
			'sub_title' => '',
			'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the report titled &ldquo;Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges&rdquo;, &nbsp;these countries </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it&rsquo;s all the more vital for countries to embrace sustainable financial development to build resilience for the future,&rdquo; the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken,&quot; the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,&rdquo;&nbsp;the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, IFC&rsquo;s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world&rsquo;s most vulnerable and poorest countries. Last month, Mongolia&rsquo;s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p>
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			'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank',
			'sub_title' => '',
			'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s energy sector. &ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal&rsquo;s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,&rdquo; the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. &ldquo;Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; the statement said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,&rdquo; the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Availability of MCC Grant Not Open-ended: United States',
			'sub_title' => '',
			'summary' => 'June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant.  ‘The United States is aware that parliament has not yet ratified the MCC Compact.  Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.  Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.  Accepting this grant is Nepal’s choice but the availability of the funding is not open-ended.  Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,” the embassy stated.  With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament.  The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project.  Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. “The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,” reads the statement.    Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation.  According to a source at the Ministry of Finance, the decision to extend the deadline has not been finalised yet. "Some technical issues need to be resolved but the proposal to extend the deadline will be prepared soon," a senior official at the ministry said.  Millennium Challenge Account (MCA) Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process.  "We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be done as soon as possible to enter the compact's implementation date and take the programme forward,” the statement said. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: After further delay in the parliamentary ratification of the MCC Compact, the US Embassy in Kathmandu said that the United States cannot wait Nepal for a long time to decide on the fate of the agreement. Issuing a press statement on Monday, the embassy it is up to Nepal to decide to accept or reject the USD 500 million Millennium Challenge Corporation (MCC) grant. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&lsquo;The United States is aware that parliament has not yet ratified the MCC Compact.&nbsp; Ratification is the next step needed to proceed with the USD 500M grant, which the two countries signed in September 2017 and which Nepal committed to ratify by September 2019.&nbsp; Delaying ratification is delaying the benefits of more jobs and increased economic growth for nearly 23 million Nepalis.&nbsp; Accepting this grant is Nepal&rsquo;s choice but the availability of the funding is not open-ended.&nbsp; Tangible, near-term steps in Nepal are necessary to ensure the continued viability of the programme,&rdquo; the embassy stated. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">With the parliamentary approval, the implementation (entry into force) of MCC agreement should have been started from today. However, due to a sharp polarisation within the ruling Nepal Communist Party (NCP) over the issue, the agreement has not been sanctioned by the parliament. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The statement has mentioned parliamentary ratification as an important factor to take the grant process ahead and that concrete steps are needed in Nepal to ensure the continuity of the project. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Moreover, the US also reminded the involvement of past governments and major political parties in bringing the MCC agreement to Nepal. &ldquo;</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government of Nepal and MCC have worked together continuously since 2012 under multiple governments, representing all major political parties, to develop the compact programme,&rdquo; reads the statement. &nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Finance Minister Dr Yuba Raj Khatiwada talked to US Ambassador to Nepal Randy Berry and MCC Resident Director for Nepal Troy Koforth last week in a bid to extend the deadline of MCC Compact implementation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to a source</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> at the Ministry of Finance,</span></span> <span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">the decision to extend the deadline has not been finalised yet. &quot;Some techni</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">cal issues need to be resolved but the</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> proposal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">to extend the deadline</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> will be prepared soon,&quot; a senior official at the ministry said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">M</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">illennium </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">C</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">hallenge </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">ccount (MCA)</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> Nepal, which is implementing the projects under the agreement in Nepal, also issued a press release on Monday stating that the Nepal Compact implementation needs to be reconsidered due to the Covid-19 pandemic and delays in the parliamentary approval process. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;We are facing a situation where the implementation of the compact cannot start on the pre-determined date. All other preconditions, including parliamentary approval, need to be </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">done</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> as soon as possible to enter the compact&#39;s implementation date</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and take the programme forward,&rdquo; the statement said. </span></span></span></span></p>
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		'Article' => array(
			'id' => '12156',
			'article_category_id' => '1',
			'title' => 'CIAA Won’t be Investigating Private Sector Affairs: Oli',
			'sub_title' => '',
			'summary' => 'At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3rd Amendment) Prime Minister KP Sharma Oli has assured the country’s business community that the anti graft body won’t be entering into affairs of the private sector. ',
			'content' => '<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 30: At a time when the government is getting widespread scrutiny over the provisions in the Commission for Investigation of Abuse of Authority Bill (3<sup>rd</sup> Amendment) </span>Prime Minister KP Sharma Oli has assured the country&rsquo;s business community that the anti graft body won&rsquo;t be entering into affairs of the private sector. Addressing the 17<sup>th</sup> annual general meeting of the Confederation of Nepalese Industries (CNI) through video conferencing on June 29, Oli said the government has no intention of putting the business community into trouble but would instead recognise the role of the industrialists and business persons. </span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The CIAA Bill, which has been presented at the Bill Committee of the National Assembly, the upper house of the Federal Parliament, has received widespread criticism for provisions to bring the private sector under the purview of CIAA. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;We have to work together in our endeavors for a prosperous Nepal,&rdquo; he said claiming that the government&rsquo;s intention is not to discourage or not to cooperate with the sector. &ldquo;We can&rsquo;t even think of it,&rdquo; he said. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Prime Minister Oli also thanked the CNI for working with a goal to revive and save the country&rsquo;s economy hard hit by Covid-19 Pandemic. Lauding the notable works carried out by the CNI in industrial, manufacturing and service sectors, he expressed happiness that the confederation has been able to establish itself at the regional and international levels.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The Prime Minister also expressed a belief that the government would resolve all problems in a collective manner by joining hands with all sectors as problems surfaced in this situation is a common problem.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Oli clarified that there should be collective efforts of all on how to move ahead by addressing the impact of a disaster in the recent period. He also pointed out the need for hard work to bring the tourism sector in the previous conditions as coronavirus has had a huge impact in this sector.</span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">He also said that the government would move ahead following the suggestions of the CNI. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In his welcome speech, Satish Kumar More asked the Prime Minister to remove the provisions related to private sector in the CIAA Bill. Oli responded that the government has decided not to move ahead with the CIAA Bill at the request of the private sector. &ldquo;There are other agencies to regulate the private sector and CIAA is not required in this respect,&rdquo; mentioned Oli. </span></span></span></p>

<p><span style="font-size:22px"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Speaking on the occasion, Finance Minister Dr Yuba Raj Khatiwada said that the economic activities have gathered momentum with the easing of the lockdown. &ldquo;Economic activities reduced to 20 percent during the lockdown. Now it has increased to 80 percent,&rdquo; he said adding that there has been significant improvement in revenue collection in the recent weeks which will positively impact the country&rsquo;s economy. According to Dr Khatiwada issues related to economic growth are most concerning at the moment. </span></span></span></p>
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	(int) 2 => array(
		'Article' => array(
			'id' => '12155',
			'article_category_id' => '1',
			'title' => 'New Reinsurance Company in the Offing ',
			'sub_title' => '',
			'summary' => 'A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 30: A few years after the establishment of government-owned re-insurance company, homework is being carried out establish another re-insurance company in the country with investment from the private sector. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The process has moved ahead after several life and general insurance companies came together with the proposal to start a new entity in the area of re-insurance. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Currently, Nepal Reinsurance Company Limited is the only one re-insurer operating in the country under the ownership of the government. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to a source close to the matter, the government has also been asked to invest in the proposed re-insurance company. It has been reported that name of the proposed entity will be Annapurna ReInsurance Company Limited.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Sakar Law Firm is working on the legal process for the establishment of the new company. According to Bhanubhakta Pokhrel, corporate advocate at Sakar Law Firm, the preliminary process for the company\s formation has been started. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">&nbsp;&ldquo;The company is going to be established under the ownership of few insurance companies and business houses. We have also pitched other insurance companies, banks and business houses for investment,&rdquo; he said, adding &ldquo;The process will further move ahead after their investment commitment.&rdquo; After that, regulation for letter of administration will be prepared and will be forwarded to the Insurance Board (IB) for principle agreement. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to him, investment commitment for the proposed company is likely to come in the next two weeks. A few days ago, Finance Minister Dr Yubaraj Khatiwada commented about the need to create a new reinsurance company. The establishment of the new entity in the Nepali insurance sector is said to have moved ahead after Dr Khatiwada agreed to the proposal. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">The share structure of the company has been proposed at Rs 10 billion out of which 75 percent will be institutional share, whereas 25 percent will be floated to the public. According to advocate Pokharel, it has been proposed that insurance sector will have 30 percent share, business houses will command 25 percent, banks and financial institution will have 10 percent and the government will have 10 percent stake in the new reinsurance company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Shivanath Pandey, CEO of Surya Life Insurance Co Limited they have received a proposal for investment. &ldquo;However, we are yet to decide on the investment as we are to be become clear about other investors of the proposed reinsurance company,&rdquo; he said.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">IB officials say that the board is yet to receive official information about the establishment of a new re-insurance company. According to Raju Raman Poudyal, executive director of IB, they haven&rsquo;t received any official proposal regarding the formation of the company. Advocate Pokharel said that they will inform IB only after completion of the process.</span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 3 => array(
		'Article' => array(
			'id' => '12154',
			'article_category_id' => '1',
			'title' => 'ADB Approves USD 200 Million Power Sector Loan to Nepal',
			'sub_title' => '',
			'summary' => 'The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The Asian Development Bank (ADB) has approved a USD 200 million concessional loan to improve power supply and distribution systems in Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Manila-based international lender in a presss statement said that the project will finance, among others, the reinforcement and modernization of the power supply system in Kathmandu Valley, Bharatpur metropolitan area of Chitwan district in Bagmati Province&nbsp;and Pokhara of Kaski district in Gandaki Province, where supply interruptions are frequent and prolonged. &ldquo;The project also aims to support Province 2, where the quality of electricity supply is poor and about 20 percent of households are still without access to the national grid,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to ADB, Nepal has made significant progress in electricity supply after years of chronic power shortages. However, its power transmission and distribution systems need further strengthening to increase network capacity, improve quality and reliability, and remove delays between generation hubs and load centers.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&nbsp;&ldquo;The project will help sustain Nepal&rsquo;s improved electricity supply momentum over the past two years. This will facilitate meeting future demand from commercial and industrial activities as well as from communities, particularly women, who can now benefit from electricity-based enterprises and focus on productive economic and social activities,&rdquo; the statement quoted ADB Principal Energy Specialist Jiwan Acharya as saying. &ldquo;It is also very timely because the project will create employment opportunities for skilled and unskilled labor during the construction phase as the country adopts measures to mitigate the socioeconomic impact of the coronavirus disease (COVID-19) pandemic.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the statement, complementing ADB&rsquo;s loan, the Government of Norway is providing a USD 35 million co-financing grant for the installation and upgrading of power distribution networks in Province 2 and various substations to evacuate hydropower in the country. &ldquo;In addition, it is providing a USD 5 million technical assistance grant for capacity development of the Nepal Electricity Authority to ensure that gender equality and social inclusion are strengthened, and new technologies are used to make electricity infrastructure resilient,&rdquo; informed ADB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The project is aligned with the South Asia Subregional Economic Cooperation programme&nbsp;on intraregional power trade through cross-border power exchange. The upgrading of substations in Khimti, Barhabise, and Lapsiphedi to 400 kilovolts&nbsp;will facilitate cross-border power exchange with India.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:16.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;ADB and other development partners have been engaged in Nepal&rsquo;s power system reform efforts, including the approval of the Nepal Electricity Regulatory Commission Act of 2017, which created the Electricity Regulatory Commission as an independent regulatory body with respect to tariff-setting and consumer protection,&rdquo; reads the statement. </span></span></span></span></p>
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			'sortorder' => '11901',
			'image' => '20200629012422_Transmission Line.jpg',
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	(int) 4 => array(
		'Article' => array(
			'id' => '12153',
			'article_category_id' => '1',
			'title' => 'Secondary Securities Market Reopens from Today ',
			'sub_title' => '',
			'summary' => 'The secondary securities market which has been closed since March 23 is reopening from today. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The secondary securities market which has been closed since March 23 is reopening from today. The decision was taken after the Securities Board of Nepal (SEBON) gave directive on Sunday based on the suggestions of all the stakeholders with a commitment to not to close the market under any circumstances. Although the lockdown eased, the board was in dilemma whether to open the market or not. SEBON had formed a committee to conduct a study under its own leadership last Sunday. The committee had suggested opening the market as one can do business from home through Nepse&rsquo;s online system. Chairman of SEBON Bhisma Raj Dhungana said that the decision to open the market as per the suggestion of the committee. He further said that the role of all the stakeholders in the market would be important to prevent such a situation from happening again. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Nepse has decided to reduce the business from 5 hours to 4 hours from today. Nepse said that it will conduct the business from 11 am to 3 pm as per the previous circuit arrangements. The Nepse board has decided that the rules for circuit breaker and price change will be followed like that of pre-lockdown period. Claiming that the disputed online trading system has improved and hence Nepse stated that it will resume the business by giving priority to the online business. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Uttam Aryal, chairperson of the Investors Association of Nepal, who is also a member of the committee, said that works that boost the morale of the investors have been done and the stock market is expected to pick up speed as the upcoming monetary policy is likely to address the stock market. He also informs that even if all the investors want to move the mortgaged property for more than three months, there is a fear of margin call problem as soon as the market opens. In this case, Aryal says that the Ministry of Finance should issue a circular and directive to make arrangements so that the old margin loan does not have to be renewed and the margin call cannot be made immediately. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">SEBON has issued a six-point directive to operate the market. According to the directive, the stock brokers will not be allowed to operate screen rooms until further notice. The board has asked to do business from home as much as possible by contacting the brokers. Moreover, the board has stated that the business should be done by following the health security measures. </span></span></span></span></p>
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	(int) 5 => array(
		'Article' => array(
			'id' => '12152',
			'article_category_id' => '1',
			'title' => 'Rasuwagadhi Border Point to Reopen This Week',
			'sub_title' => '',
			'summary' => 'The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 29: The government is preparing to reopen the Rasuwagadhi Border point with a view to facilitate entry of 50 cargo trucks into Nepal from Tibet daily. The Nepal&rsquo;s second border point with China has remained closed for the last five months after the outbreak of coronavirus. A high-level meeting between Nepali and Chinese officials last week discussed to open the border point. After the Chinese side agreed to resume the cross-border movement by maintaining high level of safety, staff at the Rasuwagadhi customs office have resumed their works. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to Punya Bikram Khadka, chief of Timure Customs Office, they have made all necessary arrangements for the uninterrupted operation of the border point and effective clearance of goods. &nbsp;He said that 50 cargo trucks will enter Nepal via the point this week on a daily basis. The frequency used to be 50-60 cargo trucks before the closure of the border point five months ago. &ldquo;300 trucks carrying goods worth millions stuck at Kerung for months will come to Nepal this week. Chinese containers will transport the goods to the Nepal-China Friendship Bridge at Rasuwagadhi,&rdquo; said Khadka. 10 drivers and 15 staff of the Chinese cargo trucks will be quarantined who will unload the goods and return to China. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:17.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Businessmen have expressed their happiness for the reopening of the Rasuwagadhi Border Point. However, they are concerned about the possible shut down of the Nepal-China border point due to the rainy season. &ldquo;The Rasuwagadhi border point is more viable than other border points with China in terms of transportation cost and distance. Nepal&rsquo;s trade with China will not have to face problems if this point is operated uninterrupted except the rainy season,&rdquo; said Niraj Rai, chairman of customs committee of Nepal Chamber of Commerce (NCC). &nbsp;According to him, the government can have Rs 10-15 million revenue daily from the border point from where basically items including electronics and apparels are imported to Nepal. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '12151',
			'article_category_id' => '1',
			'title' => 'Homework to Extend MCC Agreement Deadline',
			'sub_title' => '',
			'summary' => 'The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a subject of sharp polarisation in the country.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 28: <a name="_Hlk44250994">The government has started homework to extend the deadline of the Millennium Challenge Corporation (MCC) agreement which has become a matter&nbsp;of sharp polarisation in the country.</a> Although the Millennium Challenge Account (MCA) Nepal and the government have agreed to start the project implementation (entry into force) from June 30, the government is preparing to extend the deadline as there is no favorable environment for immediate approval of the agreement by the parliament through national consensus. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Finance Minister Dr Yuvraj Khatiwada has held a discussion with MCC officials in Nepal regarding the extension of the deadline. According to a source at the Ministry of Finance, Dr Khatiwada initiated a series of discussion to extend the deadline as there is an acute polarization within the ruling Nepal Communist Party (NCP) over the MCC agreement, and it will not create favorable situation politically if the agreement is approved only on the basis of parliamentary majority. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The MoF source confirmed that last week Dr Khatiwada discussed the issue with US Ambassador to Nepal Randy Berry and MCC Resident Country Director for Nepal Troy Kofroth. The Finance Minister briefed the senior US officials including Kofroth about the disputes in Nepal over the MCC agreement. A senior official at the International Finance Assistance Coordination Division of MoF also said that there was no possibility of passing the MCC immediately, adding that the Minister had instructed to make necessary preparations to extend the deadline. &ldquo;As soon as the deadline for the implementation of the project arrived, the minister has ordered to prepare all the documents to extend the deadline,&rdquo; the source said. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The agreement needs to be approved by the parliament as a prerequisite for the implementation of the MCC project. &ldquo;The project will not be implemented without the approval of the parliament.&nbsp; The government of Nepal had said all the prerequisites will be fulfilled and will move into implementation before June 30. Therefore, a new date for entry into force should be fixed now,&rdquo; a senior official of MCA told New Business Age. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The Millennium Challenge Compact agreement between Nepal Government and the United States of America was done on September 14, 2017. According to the agreement, the US will provide USD 500 Million grant to Nepal for the construction of power transmission lines and upgrading roads. The assistance under the agreement should be mobilized within five years from the date of implementation. In case of failure to do so, the remaining grant will be returned. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">The government had said that the MCC agreement would be approved by the parliament from the last year&rsquo;s convention. Hence, the MCC agreement was registered in the parliament in July 6, 2019. However, as the agreement could not be passed from the parliament at that time, the government had tried to sanction the agreement as soon as the next year&rsquo;s budget was passed. But due to lack of consensus within NCP, the approval process has been delayed now. Besides, Speaker of the House of Representatives Agni Sapkota has already announced to postpone the budget session of the parliament till July 1. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">Prime Minister KP Sharma Oli, in his address to the parliament, has been saying that he is in favor of presenting the MCC in the parliament and moving ahead only after a debate. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">During a telephone conversation between Foreign Minister Pradip Gyawali and US Secretary of State Michael Pompeo last week, Pompeo expressed interest of the US administration regarding the parliamentary approval and implementation of the MCC agreement. </span></span></span></span></p>
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	(int) 7 => array(
		'Article' => array(
			'id' => '12150',
			'article_category_id' => '1',
			'title' => 'Attraction in Covid-19 Insurance Declining ',
			'sub_title' => '',
			'summary' => 'While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is seen fading. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">June 28: While the country is reeling with spike in coronavirus cases over the last few weeks, the attraction of people towards the Covid-19 Insurance programme is fading away. According to officials of the insurance companies, the sales of the policies of the insurance scheme, which was introduced in mid-April to a huge attraction among the people, has not moved ahead as expected in the recent days.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to Chanki Chettri, general secretary of Nepal Insurers&rsquo; Association (NIA), the growth of Covid-19 insurance policy has decreased. &ldquo;The number of people buying the insurance policy is increasing. But the growth is contracting,&rdquo; he said. &ldquo;The daily sales of the policies is declining.&rdquo;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">According to NIA, more than 18,000 people used to Buy Covid-19 insurance policy on a daily basis earlier, which is now less than 5,000. Until now, 514,156 people have already purchased the Covid-19 insurance policy and Rs 280.64 million has been collected as premium. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">Among all the insurance companies Shikhar Insurance has sold highest number of policies collecting premium of around Rs 50.27 million. Similarly, Siddhartha Insurance is in the second position collecting Rs 20.55 million. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">However, as the transactions of the policies is carried out through an insurance pool, the profit will be distributed equally among the insurance companies. According to NIA, Nepal Reinsurance Company will get 20 percent of the business. The rest 80 percent business will be distributed among the 20 non-life insurance companies who are engaged in the transaction of Covid-19 insurance policies. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,serif">NIA informed that five claims have already been made by the policyholders and they have been handed over the amounts of the claims. </span></span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '12149',
			'article_category_id' => '1',
			'title' => 'Govt to Formulate Law to Regulate E-Commerce Business',
			'sub_title' => '',
			'summary' => 'The government is preparing to formulate a law to regulate and monitor online shopping business. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: The government is preparing to formulate a law to regulate and monitor online shopping business. According to sources close to the matter, the introduction of law will safeguard the interest of general customers as there has been an increase in the number of complains that consumers have been cheated in online dealings. According to sources close to the matter, the Department of Commerce, Supplies and Consumer Protection Management (DoCSM) is in the process to draft the law. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The department is preparing to send the draft of the law to Ministry of Industry, Commerce and Supplies this week. Currently, different companies are selling food and different types of consumer items through online portals in Nepal. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to DoCSM officials, if the law is enacted, entire online business sector which includes more than 150 online businesses will come under the regulatory purview. Officials say the law will incorporate arrangements required to operate the online business in the country. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Online portals such as Daraz, Sasto Deal, Gyapu, Metro Tarkari, Foodmandu, and Cheers are very popular among urban consumers. Due to the lockdown, the number of people shopping essential things online has increased in big cities across the country. Even the government owned Nepal Food Management and Trading Company also started online ordering and delivery business in Kathmandu during the lockdown. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Deputy Secretary of DoCSM, Bhagwan Lal Shrestha informed that necessary legal framework is being formulated to regulate the booming sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Although complains related to online shopping frauds has increased in the recent times, it has become difficult for the government agencies to solve the issue due to lack of regulation. According to the department officials, around 60 such complaints were received during the lockdown. Rabindra Acharya, spokesperson of DoCSM informed that action has been taken against 20 online companies in the last few months. &nbsp;&ldquo;Our main goal is to protect the interests of consumers and regulate the online shopping service providers.&rdquo; He said that the law will also promote and develop online business sector. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The government had unveiled a work plan to study about the development and use of online business a year ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">As there is no specific legal framework to regulate online business in Nepal, majority of the companies are operating without registration. Some companies are registered at the Department of Industry. The law will make it mandatory for e-commerce and other online retail companies to register and get license before they start operations. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">DoCSM officials say that the law will have provision to allow a company to sell only the specified goods and services. &ldquo;Currently, service providers are selling services or goods that they aren&rsquo;t supposed to,&rdquo; said Acharya, &ldquo;Now companies will have to apply for the services they want to sell online and on that basis and we will issue licenses accordingly.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '12148',
			'article_category_id' => '1',
			'title' => 'MCC Ranks 1st among US Agencies in Aid Transparency ',
			'sub_title' => '',
			'summary' => 'At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 26: At a time when a sharp polarisation is taking place in Nepal regarding the proposed assistance of the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, a new study has found aid programmes run by MCC along with World Bank and Asian Development Bank (ADB) among the most transparent in the world. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In its 2020 Aid Transparency Index, Publish What You Fund (PWYF), a UK based global campaign for aid transparency, has ranked MCC the as first among US federal agencies and seventh in the world for aid transparency. The index is released in every two years and measures foreign aid transparency among the world&rsquo;s major development and donor agencies. According to PWYF, the assistance of ADB is the most transparent. The index has ranked &lsquo;Sovereign Portfolio&rsquo; of the Manila-based agency as having highest level of transparency in the world. With 92.1 points in the index, MCC has been ranked seventh most transparent aid programme in the index. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;MCC is proud to be recognized as the most transparent agency in the United States&rsquo; Government,&rdquo; a statement issued by MCC quoted its CEO Sean Cairncross as saying. &ldquo;We are committed to sharing the successes and lessons-learned from our unique model and our investments&mdash;through innovative reporting tools, like our Evaluation Briefs and Star Reports&mdash;making critical data from our programs accessible to policymakers and the development community around the world.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Congratulating MCC for the higher ranking, PWYF CEO Gary Forster said, &ldquo;We congratulate MCC on ranking in the &lsquo;very good&rsquo; category in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever. So, it is promising to see an increase in the quantity, quality and timeliness of aid data now being shared by a broad cross section of the world&rsquo;s major aid agencies. As we work together to fill the gaps in the aid data landscape, we look forward to exploring how we can best meet the demand for data and data engagement.&rdquo;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The 2020 Aid Transparency Index covers five US agencies and includes 47 major donor agencies. The 2020 Index shows significant improvement in overall aid transparency compared to the 2018 Index, along with key contrasts in scores among major donor agencies. MCC has now been ranked in the &ldquo;Very Good&rdquo; category and first among US federal agencies in five consecutive Aid Transparency Index reports. </span></span></span></span></p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '12147',
			'article_category_id' => '1',
			'title' => 'Realme C3 Hits Market Shelves ',
			'sub_title' => '',
			'summary' => 'Chinese handset brand Realme has launched Realme C3 in the Nepali market.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25:<strong> &nbsp;</strong>Chinese<strong> </strong>handset brand<strong> </strong>Realme has launched Realme C3 in the Nepali market. Issuing a press statement, the company claimed the new &lsquo;Triple Camera, Game Monster&rsquo; smartphone as the &lsquo;most powerful&rsquo; entry-level smartphone available in the market currently under Rs 18,000 price range. &ldquo;Realme C3 is an addition to realme&rsquo;s entry level all-rounder C series smartphones, which has 10.2 million users across the globe and has successfully disrupted entry-level segment of smartphones,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, realme C3 excels in four key areas of performance, battery capacity, display and camera. &ldquo;C3 features the MediaTek Helio G70 processor which will ensure powerful and speedy performance for both mainstream users and gamers, alike,&rdquo; claimed the company. </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3, which has been launched in two colours options of Blazing Red and Frozen Blue and sports a 5000mAh battery, is available with 3GB RAM and 32GB storage variant and carries a price tag of Rs 16,990</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">. The company informed that Realme C3 will be available in offline outlets across Nepal.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Triple AI Camera</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 features 12MP+2MP+2MP triple rear camera setup. The rear main camera features a F1.8 large aperture and a large 1.25&mu;m pixel size. It can zoom up to 4X and supports PDAF autofocus. &ldquo;This makes the pictures clear in daylight and bright in low light &amp; dark environments as well. The 4CM super macro lens will give more details when users shoot tiny objects. Users can create more with the subtle. The triple rear camera also supports hardware level bokeh, which is more natural and makes the subject more prominent, whether it&rsquo;s plants, animals or people,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Its other camera features include Chroma Boost, portrait mode and slow-motion video recording, which, according to the company, is difficult to find in this price segment. The Chroma Boost feature, through the pixel-level mapping algorithm, restores the brightness and colour, giving better dynamic range, screen contrast and vivid colours.</span></span></span></span><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Apart from this, the camera supports an automatic HDR mode. When turned on, one can keep the highlights and dark details in the picture to get accurate images with abundant details and more colours. The camera also supports 1080p video shooting</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;"> and slow-motion videos at 120 fps.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">On the front, it has a 5MP Selfie camera. The selfie camera supports AI beautification function, HDR mode, portrait mode and a &lsquo;Pano-selfie&rsquo; feature that can take wider selfies. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Design and Display</span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, Realme C3 comes with the biggest display in this segment with a 6.5&quot; HD+ mini drop display which is 30.9 percent smaller than the </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">normal </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">dewdrop, making the screen to body ratio as high as 89.8 percent. &ldquo;This big screen will enhance the viewing experience while watching movies, playing games or </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">scrolling through social media,&rdquo; reads the statement. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the company, the design inspiration of the exciting new colors Blazing Red and Frozen Blue of Realme C3 has come from hot lava and cold glacier. &ldquo;The exquisite optical texture implemented on the plastic mold has been done by combining polishing, radium carving and sandblasting technology,&rdquo; informed the company. &nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">CPU and GPU</span></span></strong></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme said that C3 comes with MediaTek Helio G70 processor which is the best in this segment and has a MediaTek Gaming Technology to optimize network latency. &ldquo;It is an eight-core 12nm processor that clocks up to 2.0 GHz, making it one of the fastest and latest in its category. The Realme C3 is ideal for mainstream smartphone users and elite mobile gamers with an efficient, high performance ARM Mali-G52 GPU</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">,&rdquo; said the company. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Realme C3 also features triple card slot with a dual SIM slot and a dedicated SD card slot expandable up to 256GB. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The company claimed that Realme C3 can not only support ultra-fast fingerprint unlocking in only 0.27 second, but also support facial recognition, which can be easily unlocked with a single click or glance, convenient to unlock and safe for your privacy at the same time. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">&nbsp;</span></span></p>
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			'id' => '12146',
			'article_category_id' => '1',
			'title' => 'NRB Removes Daily and Monthly Payment Limits for Stock Transactions ',
			'sub_title' => '',
			'summary' => 'The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">June 25: The Nepal Rastra Bank (NRB) has removed daily and monthly online payments limits used for stock transactions until further notice. The Securities Board of Nepal (SEBON), the stock market regulator, had suggested the central bank to remove the limits on online transfer of payment between investors and stock brokers. However, the limit for per transaction amount has been kept the same. Similarly, the daily transaction limit of Rs 100,000 in mobile banking and Rs 1 million in internet banking have also been left unchanged. But, NRB has increased the limits in daily and monthly transactions allowing investors to carry out multiple transactions. Amending the Integrated Directive Related to Payment System, NRB has removed the transaction limits. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">The stock market has mostly remained shut since the beginning of the lockdown on March 24 and SEBON has been hesitating to open it citing problems in payment system in order to fully digitalise the market. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:&quot;Times New Roman&quot;,serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Mangal&quot;,&quot;serif&quot;">Investors say that though NRB&rsquo;s decision offers some relief to them in the current situation, this is not a permanent solution. There will still be problems in buying shares more than Rs 1 million. According to investors, though NRB has removed the limit, banks have the right to decide on margin lending which renders this facility useless. &nbsp;</span></span></span></span></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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		'Article' => array(
			'id' => '12145',
			'article_category_id' => '1',
			'title' => 'Arrangements in CIAA Bill Impair Investment Environment: Private Sector ',
			'sub_title' => '',
			'summary' => 'Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3rd amendment) to bring the private sector under the purview of CIAA.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 25: Two major umbrella organisations of the Nepali private sector have asked the government to remove the powers given to the Commission for Investigation of Abuse of Authority Act (CIAA) in the CIAA Bill (3<sup>rd</sup> amendment) to bring the private sector under the purview of CIAA. Issuing a joint statement on June 24, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) expressed serious objections to the arrangements in the proposed Bill. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The bill was recently submitted to the National Assembly (NA) after getting endorsement of the Legislative Committee of the Federal Parliament. &nbsp;The Bill, which was supposed to get NA&rsquo;s endorsement from Tuesday&rsquo;s meeting, was removed from the agenda of NA after mounting opposition from the private sector and legal experts. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&nbsp;&ldquo;The existing laws have arranged different regulatory bodies to regulate the activities of the private sector. The bodies themselves are under the purview of CIAA. Despite the existing arrangements, the provision to regulate the private sector through the constitutional body has further discouraged the private sector. We have concluded that it will not create favorable environment for investment in the country,&rdquo; reads the statement. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">FNCCI and CNI claimed that instead of focusing on country&rsquo;s economic affairs and adding momentum to the pandemic-hit business activities, the proposed provision would interfere with the professional freedom of the private companies and that they would suffer from oppression of government bodies. The government has moved ahead with the process of amending the CIAA Act by bringing private sector run industries, companies, banks medical colleges and other bodies under the purview of CIAA. &nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Private sector leaders have already met Prime Minister KP Sharma Oli, former speaker Subash Chandra Nembang, member of parliaments and other officials in a bid to remove the provisions. Business community members say that though there are positive signals, concrete results are yet to be seen regarding the assurances they have received from the political leaders. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to private sector leaders, the country&rsquo;s business sector is already regulated properly by government bodies including Department of Money Laundering Investigation and Department of Revenue Investigation. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Satish Kumar More, president of CNI said that the bill discourages the private sector and the fallout of the parliamentary endorsement of the Bill will lead to the contraction in domestic and foreign investments.&nbsp; &ldquo;We need investment in the current situation. But, it is certain that the government&rsquo;s move will not create favorable environment for investment. Independent business decision is necessary for the promotion of investment and businesses,&rdquo; he commented. He urged the government to reconsider the provisions in the Bill. According to More, it would be appropriate to bring companies that have more than 51 percent of stake of the government under the purview of CIAA. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Senior vice president of FNCCI Shekhar Golchha said that the commission was not necessary as 14 government bodies are already regulating the private sector. &ldquo;We do not object being monitored and investigated by the 14 bodies including Department of Revenue Investigation and Department of Money Laundering Investigation. But, it is not the job of CIAA to investigate into the affairs of the private sector,&rdquo; he said, adding, &ldquo;The commission should effectively monitor those 14 bodies instead.&rdquo; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Golchha said that passing the Bill in the current form will hamper the ability of entrepreneurs and businesspersons to decide and act immediately regarding the business matters. &ldquo;The government struggles to spend even 20 percent of its capital expenditure which is basically due to the fears of CIAA among government officials,&rdquo; he said, adding, &ldquo;What will happen if our ability is reduced like government agencies? Therefore, the provision to bring private sector under the purview of CIAA needs to be reconsidered.&rdquo; Furthermore, Golchha said that the private sector should be allowed to work on the concept of open market economy as enshrined in the constitution. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">NCP Decides to Hold CIAA Bill </span></span></strong></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">The ruling party Nepal Communist Party (NCP) has decided to hold the amendment Bill after it was vehemently opposed by different quarters of the society. A standing committee meeting of NCP on Wednesday decided to stop all parliamentary processes for the time being to build a consensus for the endorsement of the Bill. The decision was taken as per the talks between NCP chairmen Prime Minister KP Sharma Oli and Pushpa Kamal Dahal. &nbsp;</span></span></span></span></p>
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		'Article' => array(
			'id' => '12144',
			'article_category_id' => '1',
			'title' => 'New Study Finds Strong Momentum for Green Finance in Nepal, Bangladesh and Mongolia ',
			'sub_title' => '',
			'summary' => 'A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have identified green finance as a top priority for sustainably developing their financial sectors',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">June 24:<strong> </strong></span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">A new report by the International Finance Corporation (IFC)-facilitated Sustainable Banking Network (SBN) shows Nepal, Bangladesh and Mongolia have<strong> </strong>identified green finance as a top priority for sustainably developing their financial sectors. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the report titled &ldquo;Necessary Ambition: How Low-Income Countries Are Adopting Sustainable Finance to Address Poverty, Climate Change, and Other Urgent Challenges&rdquo;, &nbsp;these countries </span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">face immediate and significant impacts from climate change, pollution, biodiversity loss, and social inequality that require urgent responses.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Issuing a press statement, IFC said that in the wake of the challenges, the report says in Asia, promoting green finance, such as green bonds and green loans, is particularly a focus in Bangladesh and Mongolia. According to IFC, The two countries, along with Nepal, are also working on developing national sustainable finance roadmaps as part of efforts to reduce market risk and incentivize green finance flows.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;At a time when low-income countries across Asia and the Pacific are being adversely impacted by COVID-19, it&rsquo;s all the more vital for countries to embrace sustainable financial development to build resilience for the future,&rdquo; the statement quoted Nena Stoiljkovic, vice president for Asia and Pacific of IFC as saying. She said that the report highlights these Asian countries are resolute in their commitment to promoting sustainable finance and going green in planning for the future.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&quot;The country should develop and implement sustainable finance related policies for a better and safer financial system. These policies should not be detrimental to development activities, rather should guide the initiatives taken,&quot; the statement quoted Dev Kumar Dhakal, executive director of the Nepal Rastra Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">Similarly, Naidalaa Badrakh CEO and board member of Mongolian Sustainable Finance Bankers Association and Co-chair of the SBN IDA Task Force said that there is positive evidence of changes in the way banks are managing environmental and social risks, compared to five years ago. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">In addition to green finance, the report shows the three Asian countries are also exploring ways to expand sustainable finance to other areas such as financing for small and medium sized enterprises and agriculture.&nbsp; </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">&ldquo;In the context of a circular economy, resource efficiency is the key. Thus, sustainable finance has a larger role to play in poverty reduction,&rdquo;&nbsp;the statement quoted Asif Iqbal, joint director, Sustainable Finance Department at Bangladesh Bank as saying. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,&quot;serif&quot;">According to the statement, IFC&rsquo;s green bonds issuance in Asia-Pacific crossed USD 1 billion last year, addressing environmental and social challenges in some of the world&rsquo;s most vulnerable and poorest countries. Last month, Mongolia&rsquo;s Financial Regulatory Commission and IFC signed a MoU to further develop the market for green finance in Mongolia.</span></span></span></span></p>
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			'title' => 'Govt Inks USD100 million Energy Sector Reform Credit Deal with World Bank',
			'sub_title' => '',
			'summary' => 'The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis.',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">June 24:</span></span><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif"> The government has signed a USD100 million Development Policy Credit (DPC) agreement with the World Bank Board today to improve the financial viability and governance of the energy sector and recover from the COVID-19 crisis. The World Bank in a press statement said that the agreement was signed by the Finance Secretary Sishir Kumar Dhungana and World Bank Country Manager for Nepal, Faris Hadad-Zervos.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the bank, the approved operation is the second in a series of three DPC operations to support key policy, regulatory and institutional reforms to unlock the economic potential of Nepal&#39;s energy sector. &ldquo;These include measures to improve the financial viability of the Nepal Electricity Authority (NEA) as the sole off-taker; establish a regulatory framework that is autonomous, transparent, and accountable; achieve greater integration with the regional electricity market to ensure the optimal use of Nepal&rsquo;s hydropower resource; and restructure NEA to empower provincial and local governments under the federal structure,&rdquo; reads the statement</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;We are thankful to the World Bank for the continued support to improve the quality of infrastructure and social-economic development in Nepal. The support made by the World Bank to enhance Nepal&rsquo;s energy capacity will improve access to electricity as aimed by our plan and budget and also enhance the capacity of NEA,&rdquo; the statement quoted finance secretary Dhungana as saying. He added that while Nepal has made important progress in the sector, addressing the immediate and long-term impacts of the pandemic is a key priority of the government to ensure the benefits are sustained over time.</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">According to the World Bank, Nepal&rsquo;s energy sector made great strides with increased electricity generation, reduced system losses, and enhanced cross-border transmission capacity while putting an end to the nationwide power cut in the recent years. &ldquo;Electricity is now available to 88 percent of the population. An independent electricity regulator, central to the sector&rsquo;s reform agenda, has become operational. A newly proposed Electricity Bill will, among others, enable competition in electricity generation and establishing power trade as a licensed activity. With strong government commitment and effective management, NEA has reduced system losses, remained profitable for three consecutive years and has improved its financial performance,&rdquo; the statement said. </span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:15.0pt"><span style="font-family:&quot;Cambria&quot;,serif">&ldquo;The World Bank is committed to support the government in strengthening the energy sector in Nepal during the crisis and for post-crisis recovery,&rdquo; the statement quoted Faris Hadad-Zervos, World Bank Country Manager for Nepal as saying.<strong> </strong>He commented that this operation will help Nepal develop a reliable, affordable, and sustainable energy sector that supports poverty reduction and shared prosperity in the country.</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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file not found!

Latest

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BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00