NMB Bank signs agreement for handling bank of CREF

NL Today

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Kathmandu: NMB Bank has signed an agreement with Alternative Energy Promotion Centre (AEPC)/Central Renewable Energy Fund (CREF) assuming the role of handling the bank of CREF for the second consecutive tenure of three years.

The bank has been the handling bank for CREF since January 2018 and has again been able to retain the role for a second consecutive term through a competitive bidding invitation to all “A” class banks and financial institutions.
NMB Bank was able to win a mandate against strong competition from other commercial banks, the bank said in a statement.

“NMB will continue its best in class handling bank services to AEPC/CREF for channelizing subsidy, credit and viability gap funding in the renewable energy sector in the second tenure as well. The partnership will help to provide much-needed renewable energy access to the last-mile population while also mainstreaming the renewable energy sector, said Sunil KC, Chief Executive Officer, NMB Bank.

“This will also be another stepping stone in the growth of the green lending portfolio of the bank.”