KATHMANDU: NIC Asia Bank and International Finance Corporation (IFC), a member of World Bank Group, have exchanged a mandate letter.

Roshan K Neupane, acting chief executive officer of NIC Asia Bank and Mohammed Rehan Rashid, resident representative of IFC, exchanged the letter, as per a press statement.

The loan from IFC is subject to approval from Nepal Rastra Bank. The IFC assists developing countries to achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilising capital in the international financial markets.

The loan obtained from IFC shall be mobilised in extending credit to the productive sectors designated by the central bank. In a separate statement, the bank has announced the opening of its new branch at Geetanagar-Chowkbazaar of Bharatpur Municipality-6.

The branch was jointly inaugurated by Bharatpur Mayor Renu Dahal and NIC Asia Bank’s promoter Rajendra Prasad Aryal amidst a ceremony.