Global IME Bank to borrow $20.5 Million From OPEC Fund To Spend On Small Businesses

Global IME Bank to borrow $20.5 Million From OPEC Fund To Spend On Small Businesses

June 27, 2024, 8:10 a.m.

Global IME Bank is taking a loan of 20.5 million dollars from OPEC Fund to spend on small businesses / In this regard, the bank has entered into an agreement with OPEC Fund.

The agreement was signed by OPEC Fund President Dr. Abdulhamid Alkhalifa and Chief Executive Officer Ratnaraj Bajracharya on Tuesday.

According to the agreement, the loan will be mobilized to increase the capacity of businesses run by women, the bank said in a press release on Wednesday.

More than 95 percent of the total registered businesses in Nepal are micro, small and medium enterprises. But micro, small and medium enterprises have been suffering from lack of investment.

Bajracharya, the Bank's Chief Executive Officer, said the loan will play an important role in achieving sustainable development goals and filling resource gaps in climate and gender finance.

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