NDEF aims to promote foreign employment

Kathmandu, July 19:

With a view of providing loan assistance to job seekers in foreign countries, a financial institution — Nepal Development and Employment Promotion (NDEP) has been established in Kathmandu.

Finance Minister Dr Ram Sharan Mahat inaugurated the institution amid a function. Speaking on the occasion, he said that the finance institute will be able to help financially poor foreign job seekers. Referring to the problem faced by banks and financial institutions in recovering big loans, he suggested to float loan to the right people only. The bank has come into operation at a time when banking products are increasingly diversified in the retail lending. Dr Mahat also asked to increase loan support in agriculture sector with effective recovery mechanism.

Ramesh Lekhak, state minister for labour and transport management said the bank should give priority to conflict victims and marginalised communities while issuing loans for foreign employment. “Foreign employment has not only helped to increase foreign exchange earnings and remittance, it has also played a crucial role in conflict management. Thus the sector needs to be promoted,” he added.

“It will provide different services including loans to people going for foreign employment at competitive interest rates,” said Lok Bahadur Shrestha, chairman and chief executive officer of NDEP, “The people taking loans from the unorganised sector at exorbitantly high interest rates will be benefited from the company.” He also informed that NDEP would provide credit to various sectors.