NMB Bank signed a tripartite agreement with National Youth Council and Returnee Migrant Nepal with the objective to promote youth entrepreneurship and to provide subsidised loans to returnee migrants in predominant sectors – agriculture, tourism, forestry, medicinal herbs, minerals, hydro and science and technology.
According to the agreement, the three parties shall work to support in implementation of the Ministry of Finance initiative to provide interest subsidy loan to promote entrepreneurship amongst youth in the productive sector thereby opening avenues to generate employment and self-employment opportunities amongst them.
The terms of the MoU dictate that, in accordance with the Integrated Working Procedure for Subsidised Credit 2018, subsidised loans up to Rs. 10 lakhs will be availed to eligible returnee migrants in coordination with Nepal Youth Council upon recommendation of Returnee Migrant Nepal. The Bank shall also avail loans in sectors apart from the ones listed under the subsidized loan scheme. Additionally, the Bank shall also establish an Advisory Service Desk to provide advisory services to prospective customers, support in enhancing technical skills, and introduce savings and loan products specifically designed for returnee migrants.
All three signatory institutions believe that this initiative will encourage migrant workers abroad to return home and utilise the skills acquired to generate employment opportunities and support in building a prosperous Nepal, states the press statement from the bank.