Day: November 7, 2023

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PM Dahal invites investment from the Asia Pacific

Kathmandu: Prime Minister Pushpa Kamal Dahal 'Prachanda' has urged businesspersons from the Asia Pacific region to invest in Nepal.

In a meeting with Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI) President Peter McMullin and his delegation members, he sought for cooperation in Nepal's journey towards economic prosperity.

Prime Minister Dahal assured that Nepal has suitable laws and favourable environment for investment and that the government is ready to provide all kinds of support to investors.

On the occasion CACCI president McMullin expressed the commitment to support the expansion of investment and economic business relations between Nepal and members of CACCI.

Finance Minister Dr Praka Sharan Mahat, Chief Secretary Dr Baikuntha Prasad Aryal and CACCI officers and members were present in the meeting.

Federation of Nepal Chambers of Commerce and Industry (FNCCI) is founding member of the CACCI.

Source: National News Agency RSS

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Microfinances suggested to mend institutional governance

Kathmandu: The Nepal Rastra Bank (NRB) has stated that the status of microfinance institutions in the country was deteriorating due to their excessive focus on profitmaking, poor internal control mechanism and poor institutional governance.

Likewise, lack of training to the employees, heavy concentration of microfinance institutions on the urban areas and limited access to the rural community are identified as some of the challenges of this sector.

A study report released on Tuesday by the central bank, which formed a committee to identify issues of micro finance institutions and recommend suggestions to resolve them, stated that excessive loan to a few clients, excessive expanded system, weak institutional governance, failing credit discipline, economic slowdown and deviation from the organizational goals have created problem and pressures on the microfinance sector.

The report has offered more than 180 recommendations in 20 main themes for short-term, mid-term and long-term. The key recommendations are in the credit system, interest rate, microcredit and target community, customers protection, internal control mechanism and others.

The report has mentioned that decreasing profit and rising non-performing loans have created pressure on the microfinance institutions as the ratio of NPL has crossed 7 per cent in the last fiscal year while it used to be less than three percent in the previous years.

According to the report, presence of microfinances has centered in the comparatively developed areas having more economic activities.

The number of branches of the microfinances is high in the districts of Tarai and is low in the remote and mountainous districts. The branches of the microfinances are in all districts but their presence is not in almost 100 local levels so far.

Concentration of the microfinances based on credit, branch and other indicators is high in the districts of Bardiya, Morang, Bara, Rupandehi and few others.

As the issues regarding the microfinances were raised in the recent months and public disappointments were also expressed in some districts, the central bank had formed a seven-member study committee under the leadership of its Executive Director Dr Prakash Kumar Shrestha.

Source: National News Agency RSS

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Freedom Fund delegation meets DPM Shrestha

Kathmandu: A delegation led by office-bearers and representatives of Freedom Fund met with Deputy Prime Minister and Home Minister Narayan Kaji Shrestha on Tuesday.

During the meeting held at Home Ministry in Singha Durbar, they discussed the priorities of government of Nepal and Freedom Fund's possible support.

Freedom Fund, which is supporting through social sites against domestic, gender and financial violence on workers and labourers, proposed the government of Nepal for collaboration.

On the occasion, delegation head Natasha Doble thanked Deputy Prime Minister Shrestha for formulating and implementing laws to criminalize loan sharking.

Similarly, DPM Shrestha pointed out collaboration mainly in four areas—agriculture, hydropower, tourism and herb, for Nepal's development.

The main objective of the incumbent government is forward political change and physical development with social justice and wishes to see all collaboration and cooperation would be focused on it, he mentioned.

The DPM pointed out the need of speeding up the physical and social development race as Nepal is going to be upgraded to developing country by 2026.

Delegation head and members lauded the government's priorities of forwarding political change and physical development with social justice.

Source: National News Agency RSS

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Mangaladevi Birthing Centre handed over to TUTH officials

Kathmandu: The Indian Embassy in Kathmandu handed over the Mangaladevi Birthing (Maternity) Centre at Tribhuvan University Teaching Hospital (TUTH) to the Hospital representatives on Tuesday.

The Centre was built as part of the commemorating 20 years of implementation of the High Impact Community Development Projects (HICDPs) in Nepal.

The Centre was built with India’s financial assistance of Rs 44.04 million as an HICDP under Nepal-India Development Cooperation framework.

According to the Indian Embassy in Kathmandu, the project was handed over by Finance Minister Dr Prakash Sharan Mahat, Minster for Federal Affairs and General Administration Anita Devi and Indian Ambassador to Nepal Naveen Srivastava.

Political representatives, officials of Nepal Government, social workers and local community leaders were present at the event, the Embassy stated in a press statement.

Likewise, agreements for three more HICDP projects of Rs 130 million to be implemented in Baitadi and Mustang districts were also signed on the occasion.

India's HICDPs were launched in 2003 through bilateral agreement between the governments.

On the occasion, Finance Minister Mahat thanked India for its continuous support in the creation of development infrastructure in Nepal and assured of full support in implementation of such projects.

Likewise, Minister for Anita Devi said that such projects despite being small in size create big impact on people's lives.

In his remarks, Ambassador Srivastava said that nearly 550 projects have been taken up under this framework in various sectors including education, health care, road and bridges, river training, drinking water and others in the past two decades. "Of these, 480 projects have been completed and remaining are ongoing," the Indian Ambassador said.

Source: National News Agency RSS

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Cricket stadium will be built as a project of national pride

Kathmandu: Prime Minister Pushpa Kamal Dahal 'Prachanda' has said that the government will build a cricket stadium as a project of national pride.

Speaking at a programme here Tuesday in honour of the Nepali national men's cricket team that qualified for the 2024 T20 cricket world cup, he said, "The government will soon announce a cricket stadium to be built as a project of national pride."

On the occasion, the Prime Minister also lauded the team for enhancing the reputation of Nepal at the international level with an excellent performance. "After ten years, Nepal has qualified for the T20 world cup, please work hard for it as well," he said.

Noting that the Nepalis especially the youth have increased their attachment to the sport of cricket, he said, "This attachment has motivated the government as well. We are inspired to encourage the players, invest more for them and develop more sports infrastructure.”

Stating that the sports sector is an important sector that can increase the reputation of the country, the Prime Minister mentioned that the role of cricket is important in it. "The work of cricket stadiums in Bharatpur, Mulpani and Kirtipur will be accelerated."

Acknowledging that distribution of prize as an incentive to the cricketers has been delayed due to some legal and procedural problems, the Prime Minister said that the government will be fully aware that this does not happen in the future.

On the occasion, Captain of the Nepali cricket team, Rohit Paudel, said that he was very excited with the importance accorded by the government to the game of cricket. "We are grateful for the efforts of the government including to improve infrastructures at TU cricket stadium. We are confident that the rest of the work will be completed soon", said Captain Paudel.

Source: National News Agency RSS