FNCCI seeks IFC’s support in infrastructure sector

KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged the International Finance Corporation (IFC) to assist Nepal in overcoming its existing economic challenges and enhancing financial accessibility. The apex body of the Nepali private sector also said that IFC’s support and cooperation are crucial for promoting small and medium-scale industries, infrastructure development, and improving the investment climate in Nepal.

During a meeting with Susan M. Lund, the IFC Vice President for Economics and Private Sector Development, FNCCI President Chandra Prasad Dhakal highlighted the importance of IFC’s assistance in improving the economic atmosphere in the country. Dhakal said that Nepal is currently facing economic issues primarily due to challenges in managing the post-COVID-19 situation, and that it has affected the private sector, leading to a decrease in government revenue and a decline in people’s purchasing power due to increasing inflation.

In response, the IFC Vice President expressed readiness to cooperate with the FNCCI to promote the private sector.

On the occasion, Senior Vice President of FNCCI, Anjan Shrestha, underlined the need to make the market more dynamic as many industries are operating at low capacity.