Kathmandu. Nabil Bank has entered into an agreement with USDA to list the bank under GSM 102. The Bank has entered into an agreement with the USDA under the Export Credit Guarantee Program operated by the US Department of Agriculture. Nabil Bank has become the first and only bank in Nepal to be listed under this program after a high level evaluation by the USDA office. With this arrangement, Nabil Bank will be able to avail the facility of Export Credit Guarantee from USDA.
To import goods under the USDA program, Nabil Bank does not have to be certified by third parties in the letter of credit issued on behalf of its customers. Under the arrangement, US exporters will be able to obtain financial assistance directly from US banks through an unchangeable letter of credit issued by Nabil Bank.