CDC Group backs Global IME Bank with $25 million loan to boost Nepal’s priority sectors



The CDC said that the loan will amplify the bank’s plans to broaden its offer to key sectors, including renewable energy and tourism sectors, classified by the government of Nepal as priority sectors for the country.

The CDC Group, the United Kingdom government’s development finance institution, has announced a $25 million loan to Global IME Bank Ltd, one of the largest commercial banks in Nepal.

The CDC, which is soon becoming British International Investment, said its commitment will enhance the bank’s ability to provide credit to businesses across key economic priority sectors and stimulate economic opportunities throughout the country.

The facility will also help address funding gaps in the market by strengthening the bank’s capacity 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 offer financial support to more businesses, enhancing their ability to navigate post-Covid recovery and create jobs that will facilitate sustained inclusive growth across all segments of society in Nepal,” according to the statement issued by the bank.

The CDC said that the loan will amplify the bank’s plans to broaden its offer to key sectors, including renewable energy and tourism sectors, classified by the government of Nepal as priority sectors for the country. The bank’s goal to provide local and foreign currency longer-term lending to businesses within these sectors and others aligns with CDC’s ambition to increase green finance and help scale clean energy and infrastructure projects across its markets, including in key countries like Nepal.