NMB Bank to finance for Wind Power Nepal’s farming system

KATHMANDU: NMB Bank has signed a memorandum of understanding (MoU) with Wind Power Nepal for financing in Hydroponics Vertical Farming System. The bank under the arrangement will provide credit to individuals and businesses that are willing to adopt Hydroponics farming system obtained from Wind Power Nepal. Hydroponics is a technique for growing plants without the use of soil. It uses water-based nutrient solution and is expected to produce 3-10 times in the same amount of space. The production cycle is quick and the nutrition value of the end product is higher compared to the traditional production system. Sustainable Banking forms the cornerstone of NMB Bank’s vision for growth and prosperity in the nation with a focus on the real economy segments of SME, MSME, Agriculture, Infrastructure and Energy. Furthermore, the bank supports the initiative of the Government of Nepal (GoN) to transform Nepal’s Renewable Energy infrastructure and supply system in a sustainable manner, in an effort to reduce the reliance of the country on electricity and fossil fuel imports. The bank has also developed its Green Financing Framework, and Environmental and Social Risk Management System incorporating IFC Performance Standards, further strengthening its claim as the leading bank in sustainable banking. ‘The Banker Magazine’ of The Financial Times, London, has awarded NMB Bank with the prestigious Bank of the Year Asia 2021. The bank has also been awarded Bank of the Year in 2017, 2018, 2020 and 2021. NMB Bank is currently providing its services through 201 branches, 138 ATMs and 11 extension counters. READ ALSO:

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