Nabil Bank subscribes to the ‘Business Assistance Program’ of Exim Bank of India

Kathmandu. Nabil Bank has been recognized as a member bank under the new trade facilitation initiative ‘Trade Assistance Program (TAP)’ of Export-Import Bank of India (EXIM Bank). Nabil has become the first bank in Nepal to get such a facility from Exim Bank.

Exim Bank has granted membership to NABIL Bank under Trade Support after a thorough risk review. Nabil Bank believes that this agreement will facilitate growing trade between Nepal and India, strengthen the growing economic engagement between Nepal and India, facilitate imports and exports and open up opportunities.

Under this facility, Exim Bank will issue a payment guarantee in support of Nabil Bank’s payment obligations to accept the Letter of Credit in India. Nabil Bank noted that it will help facilitate overseas credit risk and limited access that has been rising in recent times, as well as increase the capacity of financial institutions and facilitate cross-border business transactions. Nabil Bank has claimed that Nabil Bank’s partnership with Exim Bank under this trade assistance program will prove to be a milestone towards the internationalization of the Nepalese banking sector.

Exim Bank is the principal financial institution of the Government of India that coordinates the actions of organizations involved in export-import financing. Exim Bank has been playing a role in facilitating India’s access to the world economy by promoting, financing and facilitating India’s international trade and investment.

Source: OnlineKhabar

Himal Sanchar