KATHMANDU: Sakchyam Access to Finance Programme and NMB Bank Limited have signed a partnership agreement to roll out Sakchyam Dairy Financing to Milk Cooperatives and Farmers of mid- and far-western region on Monday. Sakchyam’s support to the project is for three years and will cover activity in six districts — Kailali, Kanchanpur, Banke, Bardiya, Surkhet and Dang. With this innovative product partnership, MSMEs and farmers of mid- and far-western region can receive required financial resources and supply milk to Dairy Development Corporation (DDC), which can open new avenues for all the players of the value chain, as per the press statement issued on Monday. NMB Bank will disburse Rs 250 million in loans over the three-year duration. The statement quoted Upendra Poudyal, CEO of NMB Bank, as saying, “The project will directly lend to milk cooperatives in the selected and nearby districts based on their financial requirement. The value chain will include DDC, farmers, milk cooperatives and the bank. In this way, we plan to be associated with at least 50 cooperatives and provide lending to at least 400 MSMEs in target districts.”

NLIC’s 15th AGM held

KATHMANDU: The 15th annual general meeting (AGM) of Nepal Life Insurance Company Ltd (NLIC) held in Birgunj on Monday has endorsed 60 per cent bonus share and eight rupees per share (including tax) cash dividend from the net profit earned in the last fiscal year 2070-71. The company’s paid-up capital will stand at Rs 1.73 billion after issuing the bonus shares. The AGM has passed the proposal to raise the authorised capital to Rs five billion, as per the press statement issued on Monday. Ramesh Gupta, chairman of the company, has been quoted as saying the company now holds market share of 41 per cent among all life insurance firms, thereby taking the lead in the sector. He further informed the company is mulling over investing in new sectors that have been opened up by the Insurance Board recently.