Himalayan News Service

Kathmandu, February 10:

Rastriya Banijya Bank (RBB), the largest commercial bank of the country, and Poverty Alleviation Fund (PAF) today signed a partnership agreement to alleviate poverty in rural areas through boosting income generating activities.

Speaking at the agreement signing ceremony, Bruce Henderson, chief executive officer of RBB’s new management team, hoped that the programmes initiated by PAF would help expedite income generating projects in rural areas and improve the living standard of people. Henderson said that the flow of funds from the bank on behalf of PAF would definitely help local communities, augmenting their income in which RBB can be an effective partner. He expected to implement the programmes effectively for poverty alleviation, a major goal for the 10th plan prepared by National Planning Commission (NPC). He hoped for effective utilisation of PAF funds at the local level, which will ultimately help the national economy. RBB is emerging as a facilitator for people in Nepal and it is privileged that PAF is helping to materialise services at the local level, said Gopal Rajbahak, chief financial officer of

the bank. As per requirements, we are ready to provide services, said Rajbahak while discussing with a few bank and PAF officials, in the premises of the bank.

Speaking at the same function, executive director of PAF, Raj Babu Shrestha expressed the views that the affiliation with RBB would become fruitful for effective implementation of the programme. However, the bank has to issue loans/money to local communities in time, he added. Shrestha said that there are many programmes to meet the needs of locals.

Experts at the meeting said that the cost of funds is crucial to get the project work effectively for the benefit of the communities.

Shrestha of PAF informed that the fund is implementing its projects in the districts of Darchula, Pyuthan, Mugu, Kapilvastu, Siraha and others. PAF has got a grant of about $15 million for implementing its projects and it is also looking at alternative sources to expand its activities in different parts of the country.