KATHMANDU: To further strengthen agro financial services initiatives, Laxmi Bank has signed a memorandum of understanding with Nepal Agribusiness Innovation Centre (NABIC).

NABIC is Nepal’s first agriculture focused business incubator and innovation platform which has been providing mentoring,advisory and consulting related services to various agro-businesses. The MoU that was signed by the chief executives of Laxmi Bank and NABIC aims to lay out a framework for cooperation between the bank and NABIC to develop financial access for agri start-ups and agri-SMEs through banking channel so that the bank can market appropriate products to qualified businesses, the bank saidin a statement.

The major areas of cooperation will be in sharing of information, expertise, access to networks, joint project development, value chain financing and otherrelevant areas of common objectives. Laxmi Bank is also an institutional member of NABIC.