On June 25, 2024, the OPEC Fund for International Development (the OPEC Fund) — a development finance institution — signed a US$25 million loan agreement with Nepal’s Global IME Bank to finance Nepal-based MSMEs (micro, small, and medium enterprises) including women-owned enterprises and climate-smart projects.
The OPEC Fund’s debt agreement with the bank is expected to address Nepal’s large financing gaps for MSMEs, estimated to be around US$3.6 billion. “MSMEs make up 95% of Nepal’s registered businesses and account for 45% of all jobs”, says their press release.
The loan will also be used in financing projects like solar energy, climate-smart agriculture, and clean transportation.
