Kathmandu, April 29:

Nepal Rastra Bank (NRB) in principle has agreed to upgrade Ace Finance Company Ltd (AFCL) into a development bank. The central bank issued a letter recently with the terms for the upgrade, states an AFCL press release here. As Ace Finance has met all the terms, it is confident that the upgradation into a development bank from a finance company will take place in the near future. This will be the first case in Nepal where a finance company has become a national level development bank. Nepal Stock Exchange Ltd has already listed its 194,000 rights shares.