The agreement is signed by Mahesh Sharma Dhakal, Deputy CEO of Global IME Bank and M Rehan Rashid, IFC's Country Head and Resident Representative for Nepal.
As per the agreement, the IFC will lend USD 20 million i.e. Rs 2.20 billion to Global IME to make investment in small and cottage industry, tourism and agriculture sector of Nepal.
The bank will obtain the loan amount only after NRB approval.
NRB, in its mid-yearly review, allowed banks and financial institutions (BFIs) to borrow fund equaling their primary capital in foreign currency.
The central bank allowed BFIs to borrow fund in order to invest in tourism, agriculture, cottage industry, mini-hydropower and renewable energy.