NIFRA enters in third year today
Kathmandu, March 7
Nepal Infrastructure Bank Limited (NIFRA) has entered its third year after completing two years of operation in the nation. The bank had formally started its service on Falgun 22, 2075.
The bank has been established in the concept of public-private partnership with the aim of providing necessary financial resources for the country’s infrastructure. With a paid-up capital of Rs 20 billion, the bank has an investment of Rs 12 billion by the founding group and Rs 8 billion by the general public. The bank has recently raised its working capital to Rs 20 billion by issuing shares to the public.
The Government of Nepal has 10 percent investment in this bank. 50 percent of the investment is from reputed private sector business houses. The bank also has investments from employee provident funds, citizen investment funds, commercial banks and insurance companies.
The bank invests in infrastructure projects by allocating resources from home and abroad. Under its leadership and co-leadership, the bank has sanctioned loans for projects including hydro power, cement clinker and solar energy.