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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.
The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.
Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.
The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.
After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.
Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.
“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.
EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
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'summary' => 'December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p>
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