InnoCSR, NMB Bank partner for expansion of Good Bricks System in Nepal

KATHMANDU: InnoCSR, a South Korean material technology company, and NMB Bank have announced partnership to promote and boost Good Bricks System (GBS) in Nepal. GBS is a non-fired brick production technology developed by InnoCSR using its Good Soil Stabiliser. A memorandum of understanding (MoU) was signed on May 26 by Chief Investment Officer, Shreejesh Ghimire on behalf of NMB Bank and Chief Executive Officer, Sam Yoonsuk Lee on behalf of InnoCSR. As per the MOU, NMB Bank will be acting as an agent bank for GBS-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 GBS upon necessary due diligence and procedures. Good Soil Stabiliser, developed by InnoCSR, is a speciality chemical that enables binding between soil and cement to reach the required quality for bricks which meets strict international standards. GBS, brick producing process using Good Soil Stabiliser, uses hydraulic machines to press and produce bricks at an indoor factory, which delivers consistent quality of bricks throughout the year with no fire burning and only 1/10 the labour and land usage. NMB Bank has emerged as a leading financial institution in Nepal driven by value-based approach, banking innovation, progressive business model and social obligations and aims to use finance to deliver sustainable economic, social, and environmental development. NMB Bank currently has 201 branches across Nepal and has a JV partnership with the Netherlands Development Finance Company (FMO). According to Sam Yoonsuk Lee, the CEO of InnoCSR, GBS is becoming the only solution for brick kiln owners to be sustainable and profitable in Nepal. With the recent coal and labour price hikes and frequent weather changes, brick producers have been under pressure. GBS is also brings various other benefits. It delivers more revenue to brick producers, quality products to end consumers, and cleaner air to the whole country. READ ALSO:

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