July 16, 2024, Tuesday

Global IME Bank, IFC signs deal for enhanced risk management and inclusive finance

Global IME Bank, IFC signs deal for enhanced risk management and inclusive finance

Global IME Bank Limited has signed an agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to provide advisory services to Global IME Bank across various risk management areas.

These services encompass enhancing the operational risk management framework, establishing robust risk control systems, developing scoring models for credit approval systems, creating enhanced stress testing models, and delivering international-level training and development support for the Bank’s staff.
Furthermore, IFC will support the Bank in proactively addressing climate finance and gender finance issues, which are significant concerns in Nepal and globally.

Through these services, the Bank will gain insights into climate finance concepts, assess energy efficiency in manufacturing industries, and deepen its understanding of gender finance, thereby promoting greater inclusion of women entrepreneurs through improved access to finance and skill development.
These advisory services are anticipated to be pivotal in enhancing the Bank’s information system and decision-making processes.

Automation of various credit assessment systems and tools will be emphasized, effectively elevating the Bank’s credit assessment and management system to international standards.

IFC will deploy a core team of global experts specialized in their respective fields to provide advisory services to the Bank.

These services will be delivered both virtually from different parts of the world and through frequent visits or stationed experts in Nepal.

It is noteworthy that IFC has successfully provided similar advisory services to banks in various countries, including Vietnam, Sri Lanka, and India.