CDC Group (soon to become British International Investment), the UK’s development finance institution, announced a US $ 25 million loan to Global IME Bank Ltd (“GIME”), one of the largest commercial banks in the world. Nepal. CDC’s engagement will improve GIME’s ability to provide credit to businesses in key priority economic sectors and boost economic opportunities across the country.
The facility will also help fill funding gaps in the market by strengthening GIME’s ability to increase lending to businesses in key economic sectors, such as infrastructure, construction, manufacturing, agriculture and tourism. This much needed capital will enable the Bank to provide financial support to more businesses, improving their ability to navigate the post-covid recovery and create jobs that will facilitate sustained inclusive growth in all segments of society in Nepal. .
In addition, the loan will amplify GIME’s plans to expand its offering to key sectors, including renewable energy and tourism sectors, classified by the Nepalese government as priority sectors for the country. The Bank’s goal of providing long-term loans in local and foreign currencies to companies in these and other sectors aligns with CDC’s ambition to increase green finance and help develop clean energy and infrastructure projects in its markets, including in key countries such as Nepal.
DFI’s commitment to GIME is part of its strategy to bring the best of UK finance to help accelerate productive, sustainable and inclusive opportunities in sectors that shape the market that create jobs and usher in transformative positive impact in the world. Nepal and throughout the region. CDC’s commitment to Nepal is demonstrated by its investment in the country’s leading internet provider, WorldLink, as well as its commitment to the NMB Bank and the Upper Trishuli-1 hydroelectric project. This year, DFI invested in the Nepal-focused Dolma Fund II and partnered to launch the Nepal Invests market creation platform, aimed at accelerating foreign direct investment in the country.