Nabil Bank launches entrepreneurship loan scheme for returning migrants

KATHMANDU: Nabil Bank today launched 'Nabil Skilled Migrant Entrepreneurship Loan' to offer financial assistance to returnee migrants and their families.

At the launch programme, Minister for Labour, Employment and Social Security Sharat Singh Bhandari unveiled the government’s plans to observe the National Migration Decade from next year. The government also intends to declare the Internal Migration Decade from 2081 to 2091 BS, according to Minister Bhandari.

A task force is currently developing the national migration policy, he informed. The minister stressed the government's duty to protect the domestic workforce by promoting job creation within the country. He also mentioned that an internal employment information system is being developed.

Despite the significant contribution of foreign employment to the country's GDP, the outflow of workers has created issues in the domestic labour market. The scarcity of job opportunities domestically has led to youths seeking employment abroad.

The minister acknowledged the government's struggle to create a conducive environment for returning foreign migrants to utilise their skills and capital at home.

On the occasion, Kewal Prasad Bhandari, Secretary at the Ministry of Labour, Employment and Social Security, identified climate change and poverty as factors driving both domestic and foreign migration. He noted the rise in rural-urban migration and called on financial institutions to help create a favourable work environment for returning migrants. He also advocated for a bank loan facility for those seeking foreign employment to alleviate the burden of high-interest loans.

Nabil Bank has launched a scheme specifically for those returning from overseas. Nabil Bank CEO, Gyanendra Prasad Dhungana, stated that the scheme would aid returnees in establishing income-generating businesses and enterprises. The loan, available at a soft interest rate and minimal service charge, uses the proposed project as collateral. The bank offers this loan at an interest rate of 1.5% with a limit of Rs 100 million. It is available in four different categories, and the loan repayment period is 10 years.