A bank in Nepal is partnering
with IFC, a member of the World Bank Group, to promote sustainable finance.
IFC will help Nepal Rastra Bank
(NRB), the central monetary authority of the country, adopt improved
environmental and social risk management practices to strengthen its portfolio
performance, generate business opportunities and boost competitiveness in the
As part of the IFC’s
Sustainable Banking Network (SBN), NRB also benefits from the experience and
knowledge of other members.
The SBN works with associations
and regulators to level the playing field for banks and encourage green
investment. To date, 15 SBN member countries have launched sustainable finance
policies, guidelines and roadmaps.
Shiba Raj Shrestha, NRB Deputy
Governor said: “We want to help financial institutions effectively manage
environmental and social risks associated with the projects they finance and
increase support to businesses that are greener, climate friendly and socially
“It is vital that financial
institutions come together to establish an effective and robust environmental
and social management system.”
IFC is sharpening its focus in
Nepal to improving access to energy through various measures, including
sustainable hydropower development.