Nepal Infrastructure Bank gets central bank nod to operate
KAROBAR CORRESPONDENT
Monday, Feb 11, 2019
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Nepal Infrastructure Bank has on Monday received operating license as a National Level Infrastructure Development Bank from Nepal Rastra Bank. Nepal Infrastructure Bank Ltd has received operating license to conduct financial transaction as per the Banking and Financial Institution Act, 2073 clause 107, the bank said in its press note.
The bank is established in joint effort and investment by government along with various Commercial Banks, Insurance Companies, Microfinance, Private Companies and group of business entrepreneurs of Nepal. The bank, registered in the Office of Company Registrar on June 8, 2018, has received operating license from the Governor of Nepal Rastra Bank Dr Chiranjibi Nepal, as a national level Infrastructure Development Bank on Monday.
The bank with authorized capital of Rs 40 billion, issued capital of Rs 20 billion and paid up capital Rs 12 billion has 10 percent share of the government and 90 percent from private sector.
The prime objective of the bank is to play vital role in the infrastructure development of the nation more specifically in the area of construction and development of Transportation, Agriculture, Energy, Tourism, SEZ, Advanced Urbanization Infrastructure, Information Technology (IT) along with other areas of Infrastructure, the press note reads, adding that the bank shall strive to bringing everyone together – public as well as private – in order to achieve its core objectives including Infrastructure Financing; Sourcing of long term funds from international and domestic capital market; and Investing on shares of the companies operating in Infrastructure development and other services offered by the bank.