IDBI in pact with NDB

By Our Staff Reporter

MUMBAI, JAN. 26. Industrial Development Bank of India (IDBI) has entered into a financial and technical collaboration agreement with Nepal Development Bank Ltd. (NDB) and in principle, agreed to subscribe to 10 per cent of the equity capital of NDB amounting to Indian Rs. 1 crore of the total equity capital of Indian Rs. 10 crores. NDB is the first private sector development bank at the national level in Nepal.

Mr. S. K. Chakrabarti, deputy managing director, IDBI, while signing the MoU, said that the signing of the MoU marks a beginning of a new era of co-operations between India and Nepal in the financial sector.

IDBI would depute its officials to NDB on a medium to long term basis to assist it in setting up systems in project appraisal, resource management, merchant banking, corporate advisory services, lease financing and venture capital as a part of technical collaboration.

The objective of NDB, operating since February 1999, is to accelerate the pace of development of the industrial, commercial, infrastructure and agricultural sectors of the country and provide required means, technology and credit facilities for the development of the sectors concerned sectors by mobilising capital and services.

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Section  : Business
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