January 2: Laxmi Bank has launched a scholarship program targeting female students. Issuing a statement, the bank confirmed that it has signed a Memorandum of Understanding with Kathmandu University (KU) for the scholarship programme as a part of its 20th anniversary commitments.

As per the agreement, women who wish to pursue a Master’s or a Ph D degree in science, technology, engineering or mathematics (STEM subject) at Kathmandu University (KU) Nepal can avail the scholarship.

CEO of Laxmi Bank Ajaya Bikram Shah and Prof Dr Bipin Adhikari, coordinator of Endowment Drive at Kathmandu University, signed the agreement on behalf of their respective organisations.

Laxmi Bank said it will help talented and economically disadvantaged women to pursue advanced studies in any STEM-related fields at Kathmandu University under this scholarship programme.

The selection process for the scholarship will be overseen and administered by KU, while Laxmi Bank will help fund and promote the scholarship programme, added the statement.

To ensure the sustainability of the scholarship program, Laxmi Bank has set up an endowment fund of Rs 10 million with 50 percent of the annual interest earned added back to the principal amount each year and 50 percent utilized for funding the students.

“Laxmi Bank hopes to implement one of the key components of its CSR strategy – Advancement of Gender Equity through this initiative thereby ensuring women are equipped with the support, confidence and skills they need to pursue meaningful, in-demand careers -- regardless of background - to pave way for a more equitable society.”

The statement added that the bank believes empowerment of women, who constitute more than half of the population, is essential for achieving a truly ‘Prosperous Nepal’.