• BIZ BRIEFS

KATHMANDU: Citizens Bank International Ltd has signed a memorandum of understanding (MoU) with KFW Development Bank, Germany, for 3.5 million euros in refinance investment and technical assistance worth 500,000 euros.

This is part of the 'Sustainable Economic Development in Rural and Semi-Urban Areas – MSME Finance Phase III (SEDRA III)' partnership between KFW Development Bank and Nepal Rastra Bank (NRB), aimed at promoting micro, domestic, and small enterprise businesses in rural areas of Nepal, as per a press statement.

Under German Financial Cooperation with Nepal, KfW in coordination with NRB has been providing refinancing facilities to micro, small and medium enterprises of Nepal. Citizens Bank has been selected as a partner bank for implementation of the third phase of SEDRA Project.

The main objective of the project is to improve access to finance and develop entrepreneurship by providing long term lending and technical assistance to entrepreneurs of specific rural and semi-urban areas.

A version of this article appears in the print on May 28, 2023, of The Himalayan Times.