InnoCSR and NMB Bank partner for Good Bricks System

NL Today

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Kathmandu: InnoCSR, a South Korean material technology company, and NMB Bank of Nepal, have announced a new partnership together to boost and accelerate the Good Bricks System (GBS) in Nepal, a non-fired brick production technology developed by InnoCSR using its Good Soil Stabilizer.

An MOU was signed today by Chief Investment Officer, Mr. Shreejesh Ghimire on behalf of NMB Bank and Chief Executive Officer, Mr. Sam Yoonsuk Lee on behalf of InnoCSR.

According to the MOU, NMB Bank will be acting as an agent bank for Good Bricks System-related external funding from different sources including but not limited to Multilateral Development Banks, NGOs, Governments, and other financial institutions. NMB Bank will also provide financial support and assistance in the form of financial products like loans, guarantees, blended finance, and any other suitable products to the brick kiln owners for implementing the Good Bricks System upon necessary due diligence and procedures.

NMB Bank has emerged as a leading financial institution in Nepal driven by a value-based approach, banking innovation, progressive business model and social obligations and aims to use finance to deliver sustainable economic, social, and environmental development, the bank said in a statement.

NMB Bank currently has 201 branches across Nepal and has a JV partnership with the Netherlands Development Finance Company (FMO).