Kathmandu. Standard Chartered Bank Nepal in collaboration with Asian Development Bank (ADB) has provided loan support to Chhimek Lagubitta Bittiya Sanstha Limited.

According to Standard Chartered, it has been agreed to provide credit support to Chhimek, a leading microfinance institution in Nepal, under a non-financial risk sharing agreement. According to the bank, such an agreement has been made for the first time in Nepal.

Loans available as per the agreement will be used to strengthen financial access in rural areas and after this, loans will also be provided for other innovative projects to help boost the economic growth of marginalized communities.

ADB's country director, international delegation, neighborhood microfinance management group, chief executive officer of Standard Chartered Bank Nepal and other officials were present at the loan exchange agreement program.

"Under ADB's microfinance program, we believe that this type of loan will significantly help to raise the economic status of marginalized and backward women in Nepal by removing financial inclusion and gender discrimination," said ADB's Country Director Arnaud Kerkois.

CEO of Chhimek Microfinance, Deepaknidhi Tiwari said that this loan assistance will be used to raise the economic level of the marginalized communities in the rural areas of Nepal. Similarly, CEO of Standard Chartered Bank Nepal, Anirwan Ghosh Dastidar informed that the bank is working for the economic advancement of the marginalized communities of Nepal and will increase such programs in the future.