KATHMANDU: Mega Bank Nepal has opened new branches at Rong Rural Municipality in Ilam; Bishnupur Rural Municipality in Siraha; and Geruwa Rural Municipality in Bardiya.

Along with this, the total number of bank’s branches has reached 52, as per a press statement.

The bank has been accelerating its expansion efforts to ensure each Nepali has access to finance.

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KATHMANDU: Hansraj Hulaschand and Co, the sole distributors of Bajaj motorcycles in Nepal — one of the largest selling and most trusted automobile brands in Nepal — is adding another feather to its cap by launching a fully-facilitated new showroom ‘Bashyal Automobiles’, in Bardaghat, Nawalparasi.

HH Bajaj has always been committed to provide the customers with optimum value for their purchase. The new showroom will make it easier for the customers to access bike spare parts and accessories, as per a press release.

Following the celebration of the launch, the showroom has offered exciting prizes for customers.

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KATHMANDU: The International Centre for Integrated Mountain Development (ICIMOD) and NMB Bank, Nepal signed a memorandum of understanding on Wednesday to provide mountain communities in Nepal better access to finance.

NMB and ICIMOD hope to build on each other’s network and strengths to foster cooperation and contribute to sustainable mountain and socio-economic development in Nepal through knowledge intervention and business promotion, as per a media release.

The partnership focuses on achieving and delivering the shared values and goals of the organisations.

The three broad focus areas of collaboration are access to finance, impact investment, and corporate social responsibility activities for benefit of mountain communities.

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KATHMANDU: Hyatt Regency Kathmandu has appointed Rajesh Ramdas as its general manager effective May 2.

With an over 20-year career in the hospitality industry and having worked across various functions within rooms division, his most recent assignment was as general manager with Hyatt Regency Ludhiana, as per a media release.

A hotel management graduate from Mangalore University, he commenced his career with The Leela Group as a management trainee in 1995, during which time he did an understudy in housekeeping. He was promoted to assistant manager of reservations and then transferred to the front office as lobby manager.

He then joined the pre-opening team of Burj Al Arab – Dubai in 1999 as guest services manager and subsequently moved into the front office manager role. He started his career with Hyatt as director of rooms at Hyatt Regency Mumbai, where he further enhanced his career as executive assistant manager before moving to Hyatt Regency Ludhiana.

In his new role at Hyatt Regency Kathmandu, he will be leading a team of dedicated associates taking care of 280 rooms, restaurants and the newly renovated event venues at the property. He has moved into Kathmandu along with his family.

In addition to being a movie buff, he is an avid reader and the travel bug has taken him to many places.

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Kathmandu, May 10

The International Development Association of the World Bank Group has agreed to provide concessional loan of $200 million under the First Programmatic Fiscal and Public Financial Management Development Policy Credit (DPC) in budgetary support and $66 million for Rani Jamara Kulariya irrigation scheme.

The agreed total amount worth $266 million is equivalent to approximately Rs 27.65 billion.

Rajan Khanal, secretary at the Ministry of Finance, and Qimiao Fan, country director of World Bank, signed the agreement today at the Ministry of Finance on behalf of the government of Nepal and the World Bank, respectively.

The loan available under ‘Development Policy Credit’ will be utilised in the sectors of government’s priority through national budgetary system. This policy credit is tailored with prior actions of reform in fiscal and public financial management sector, according to the Finance Ministry. “The agreement remains effective until February-end next year.”

The second agreement signed today is for Rani Jamara Kulariya Irrigation Scheme II, which envisions modernising the irrigation system and strengthening the water user’s associations committees and agricultural production support. In the second phase of modernisation of the project, the credit amount will be utilised to complete the remaining works of the ongoing project. This credit agreement remains effective until the end of 2023.

The World Bank has been extending DPC following the government of Nepal’s reform initiative for the macro-economic and financial sectors.

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