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The Koshi state government has launched the Provincial Credit Protection Fund and the Uday Challenge Fund to provide guarantees for small and medium entrepreneurs' loan investments. Small and medium entrepreneurs operating in Koshi can benefit from such funds.
On Monday, Industry, Commerce and Supply Minister Damodar Bhandari, Economic Affairs and Planning Minister of Koshi Province Ram Bahadur Magar and Ambassador of Switzerland to Nepal Daniel Muley launched the fund .
Minister of Industry Bhandari said that the contribution of small and medium entrepreneurs is important in the development of Nepal's economy and said that such a fund will help entrepreneurs who are unable to increase capital investment due to lack of collateral and said that this practice will be exemplary for other provinces as well.
Minister Magar said that with the operationalization of both Provincial Credit Protection Fund and Uday Challenge Fund, small and medium entrepreneurs can get sufficient benefits. He said, 'Now the investment environment in the state is increasing, this program will be an important initiative to gain income and employment by doing some new ventures in the country.'
Swiss Ambassador Mueli said that the loan protection fund and Uday challenge fund launched by the Koshi state government through the Uday project for the growth and development of small and medium entrepreneurs will be a model for sustainable economic growth and transformation.
Secretary of the Ministry of Economic Affairs and Planning, Koshi Province, Shankar Nepal, expressed confidence that the protection fund will help entrepreneurs to encourage investment. Kovadi Dhakal of Project Implementation Unit said that more than three thousand entrepreneurs will directly benefit from the program.
Such a fund will formulate a targeted risk protection plan and provide a partial guarantee to the entrepreneur based on the risk of lending by the partner bank . For this purpose, a provincial guarantee fund of up to 600 million rupees will be set up and implemented through the deposit and credit protection fund, with 50% contribution from the Koshi state government and Swiss development assistance.
