KATHMANDU, JULY 1
Nabil Bank, Nepal's leading private sector bank, has marked its one year in sustainable banking practice, which was launched on National Paddy Day, on Asar 15, 2078 BS or June 29, 2021.
To mark the occasion, the bank has started its weeklong initiative 'Nabil Green Week'.
According to Upendra Poudyal, chairperson of Nabil Bank, the week-long initiative is celebrating an important milestone as most businesses in Nepal, including banks, are only profit-oriented.
'Nabil Sustainable Banking', on the other hand, aims to ensure financial literacy of those with limited financial access in rural areas, commercialise the agricultural sector, promote entrepreneurship and support the United Nations Sustainable Development Goals adopted by the government of Nepal.
"We at Nabil Bank believe it's time to focus on people, planet and prosperity by addressing people's needs, wellbeing and safety," said Poudyal.
The bank has recently introduced two types of innovative loans targeting those with limited financial access via its 'Nabil Sustainable Banking': 'Nabil Entrepreneurial Loan' and 'Nabil Kisan Karja'. Starting from its 17 rural branches, it has provided approximately Rs 527 million in loans by mid- June 2022 to 491 farmers and budding entrepreneurs including 60% female entrepreneurs, as per a media release.
Similarly, concern and promotion of the environmental and societal accountability are the highly prioritised objectives of 'Nabil Sustainable Banking', the bank states. Since 2018, the bank has been conducting 'environment and social risk due diligence' on the clients for loan facilities over Rs 10 million that receive the accommodation and fall into the categories like commercial leasing, term finance, or project finance.
Noting the growing concern of climate change in the world, the bank has become a member of PCAF in 2021 and has become a part of PCAF to measure and report its greenhouse gas emissions related to its loan portfolio and investment.
Among various initiatives, for the first time in Nepal, bank also developed the concept of 'Agro Loans to Agro Technicians'.
A version of this article appears in the print on July 2, 2022, of The Himalayan Times.
