Sakchyam and NMB Bank Partner to Launch Sakchyam Dairy Financing to Milk Cooperatives and Farmers of Mid & Far Western RegionSeptember 19, 2015
June 15, 2015 – Sakchyam Access to Finance Programme has supported NMB Bank Limited in a partnership to roll out Sakchyam Dairy Financing to Milk Cooperatives and Farmers of mid & Far Western Region at an event at Hotel Annapurna today. Present at the event were Mr. Surya Prasad Acharya, Joint Secretary, Ministry of Finance; Mr. Upendra Poudyal, CEO, NMB Bank Ltd. and President, Nepal Bankers’ Association; Mr. Prasanna KC, Private Sector Advisor, DFID Nepal; Mr. Baljit Vohra, Team Leader, Sakchyam Access to Finance Programme, members of the Sakchyam Team, NMB Bank personnel and the local media.
Sakchyam’s support to the project is for 3 years and will cover activity in 6 districts – Kailali, Kanchanpur, Banke, Bardiya, Surkhet and Dang. With this innovative product partnership, MSMEs and Farmers of Mid and Far-Western region can receive required financial resources and supply milk to DDC which can open new avenues for all the players of the milk value chain. NMB Bank will disburse NRs. 250 million in loans in the 3-year duration.
Speaking on the occasion Mr. Upendra Poudyal, CEO, NMB Bank said, “The project will directly lend to milk cooperatives in the selected and nearby districts based on their financial requirement. The value chain will include Dairy Development Corporation (DDC), farmers, Milk-cooperatives and the Bank. In this way, we plan to be associated with at least 50 cooperatives and provide lending to at least 400 MSMEs in target districts.”
Talking about the new partnership, Sakchyam Team Leader Mr. Baljit Vohra said, “Through this partnership with NMB Bank, we are launching financial services that are specifically tailored for milk cooperatives and farmer communities in collaboration with the DDC. We are also happy to be launching an SMS-based knowledge sharing module to enable farmers to make better informed decisions. We are confident that our partnership with NMB Bank will also strengthen the financial capabilities of all players in the milk value chain and bring significant change in the livelihoods of the rural poor in the region.”
The Sakchyam Access to Finance Programme is an initiative funded with UK aid as part of a bilateral agreement between the Governments of Nepal and the UK. It is implemented by Louis Berger for the Department of International Development (DFID Nepal) in partnership with local and international institutions.
NMB Bank Limited is an “A” class financial institution operating in Nepalese Financial market for over nineteen years and is one of the leading commercial banks in Nepal. The Bank has added focus in Micro and SME through its partnership with leading organization in the development sector. For more information, visitwww.nmb.com.np