Nepal’s Service Sector Including Tourism Suffer Badly: IFC

Nepal’s Service Sector Including Tourism Suffer Badly: IFC

May 27, 2020, 10:23 a.m.

The International Finance Corporation’s (IFC) country manager for Nepal, Bangladesh and Bhutan, Wendy Werner, said that the IFC would play a supporting role on the whole in Nepal and not only as the equity investor of the private sector in Nepal reports Rastriya Samachar Samiti (RSS).

Addressing a webinar organized Tuesday by the Society of Economic Journalists of Nepal (SEJON), he said the service sector of Nepal including the tourism sector has been badly affected since the beginning of COVID-19, and that this would remain for some time in future as well. He reiterated that the small and medium enterprises would play a significant role by creating employment in the economy badly dented by the pandemic.

Werner said IFC would play a supporting role on the whole in Nepal and not only as of the equity investor of the private sector in Nepal.

According to her, IFC has forwarded a total package of 48 million US Dollars to fight against economic damage caused by coronavirus pandemic globally. It has been directly providing assistance to 300 organizations from this package.

IFC has been supporting the banks and microfinance companies run by the private sector in Nepal. Werner informed that this year IFC shall support the small and medium enterprises as well.

IFC's investments in Nepal will reach 500 million US Dollars by the end of this year. It has the goal of investing 1.2 billion in the private sector of Nepal by 2023

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