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April 11: NIC Asia Bank Ltd and International Finance Corporation (IFC), a member of World Bank Group, have signed a loan agreement.
Issuing a press statement, NIC Asia Bank said that its Acting CEO Roshan K Neupane and Mohammed Rehan Rashid, resident representative of IFC, signed the agreement on behalf of their respective organisations. The loan from IFC is subject to approval from Nepal Rastra Bank.
According to the statement, IFC assists developing countries to achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.
"With the anticipation of continuing stress on domestic liquidity and continued pressure on Balance of Payments (BOP), the liquidity outlook does not appear to be on optimistic side thus leading to inadequate deposits supply to support the credit growth required to secure targeted economic growth of the country. Therefore, the bank has approached international banks and financial institutions to secure long-term borrowings to facilitate credit growth in priority sectors," the statement further reads.
The bank said it believes this kind of initiation with IFC would open opportunities for domestic banks to borrow from international banks setting up a historic milestone in the Nepali banking arena.
The loan obtained from IFC shall be mobilized in extending credit to the productive sectors designated by the central bank.
NIC Asia Bank is currently operating with its network of 192 branches, 195 ATM’s, four extension counters and four branchless banking locations across the country.
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include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
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Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]
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<p>According to the statement, IFC assists developing countries to achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.</p>
<p>"With the anticipation of continuing stress on domestic liquidity and continued pressure on Balance of Payments (BOP), the liquidity outlook does not appear to be on optimistic side thus leading to inadequate deposits supply to support the credit growth required to secure targeted economic growth of the country. Therefore, the bank has approached international banks and financial institutions to secure long-term borrowings to facilitate credit growth in priority sectors," the statement further reads.</p>
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<p>The loan obtained from IFC shall be mobilized in extending credit to the productive sectors designated by the central bank.</p>
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<p>According to the statement, IFC assists developing countries to achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.</p>
<p>"With the anticipation of continuing stress on domestic liquidity and continued pressure on Balance of Payments (BOP), the liquidity outlook does not appear to be on optimistic side thus leading to inadequate deposits supply to support the credit growth required to secure targeted economic growth of the country. Therefore, the bank has approached international banks and financial institutions to secure long-term borrowings to facilitate credit growth in priority sectors," the statement further reads.</p>
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<p>The loan obtained from IFC shall be mobilized in extending credit to the productive sectors designated by the central bank.</p>
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simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
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Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
