Udaya, a project generating 3,000 jobs, launched in Koshi Province

BIRATNAGAR: Koshi Province government has launched the 'Udaya' project with the support of the Swiss government for the promotion and entrepreneurship of small and medium enterprises.

It is expected that the project would open new doors of economic prosperity along with employment creation in the province. Business development service would be provided through an approved service provider under the 'Udaya' project.

A target has been set to secure a loan worth Rs 8 billion through a guarantee fund of Rs 600 million and promotional and competitive capacity building through the Challenge Fund of Rs 280 million.

Except for this, the Project would make arrangements to provide information related to the market through an information portal.

Under the project, Rs 3 million to Rs 30 million would be provided without collateral, and a process for the selection of banks has been forwarded to this initiative.

According to the Koshi Province government, the Udaya project aims to create a large number of jobs along with entrepreneurship in the province, as well as strengthen the economic basis. A procedure has already been prepared for the effective implementation of the project, and the procedure is in the phase of implementation.

The Koshi Province government has set a target of introducing the project in 14 districts of the province, as well as has a policy to promote small and medium enterprises operated in the province and encourage the establishment of new industries.

Around Rs 8 billion would be mobilised through the credit guarantee of the Koshi Province government under the project. In the first phase, the project would be operated for four years, and 3,000 jobs would be created in the province through the project.

Enterprises Development Chief of the project, Bishnu Kafle, shared that this project is designed to operate for 10 years.

Udaya is a bilateral project between the government of Nepal and the government of Switzerland and is implemented by the Ministry of Economic Affairs and Planning, Koshi Province, with technical assistance from DAI.

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