IFC, FNCCI discuss economic development, employment cooperation in Nepal

KATHMANDU: International Finance Corporation (IFC) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) discussed Nepal's economic development, employment, and mutual cooperation.  

Gregory Smith, IFC Manager for South Asia, and Hem Raj Dhakal, Vice President (Commodity) of FNCCI, met at the FNCCI Secretariat in Kathmandu, on Wednesday. 

At the meeting, IFC Manager for South Asia, Smith, said the IFC is prepared to collaborate with FNCCI for Nepal's economic development. He stated that, with the aim of strengthening Nepal's private sector, IFC can assist in knowledge sharing, capacity building for small and medium enterprises, and creating meaningful employment opportunities for young people.  

FNCCI Vice President Dhakal, while highlighting past collaborations with IFC, expressed appreciation for its support in strengthening Nepal's private sector.  

"We consider the 'Situation of Nepal's Private Sector' report, jointly prepared by FNCCI and IFC in 2022, as particularly significant. That study, which highlights the strengths, challenges, and opportunities of Nepal's private sector, has played a guiding role in policy formulation and investment decisions," Dhakal said.

FNCCI's Investment and International Affairs Forum Chairperson, Manoj Paudel, said the private sector has made substantial contributions to sectors such as tourism, information technology, agriculture, education, and healthcare. He stated that collaboration with IFC would enhance the private sector's capacity and called for IFC's technical and institutional support in knowledge exchange, improving financial access, promoting the green economy, digital transformation, and capacity building for small and medium enterprises.