Zurich/Kathmandu. Global IME Bank Limited (‘GIBL’) and a responsAbility managed climate fund signed a USD 25m loan agreement to promote climate positive lending in Nepal. Notably, this marks the first climate-related funding provided by the fund to a company in Nepal. The capital is earmarked for financing energy efficiency and renewable energy projects in the country, with a focus on the electric mobility sector. The infusion of these funds will fortify the bank’s portfolio and solidify its commitment to climate change mitigation.
The climate fund operates as a blended partnership model, using public funding to catalyze private sector investment in developing markets.
Commenting on the development, Mr. Ratna Raj Bajracharya, CEO of Global IME Bank stated: "This facility will play a crucial role in financing energy efficiency projects and reducing greenhouse gas emissions in Nepal. We take pride in being a responsible bank in our country and are committed to supporting energy projects in collaboration with the fund to fulfill our strategic climate management objectives."
“We are happy to expand our presence to Nepal, a country highly vulnerable to climate change, by partnering with a committed and like-minded financial institution like Global IME Bank. We look forward to supporting the bank in its climate financing journey through the tailored advisory support that we provide”, says Mr. David Diaz Formidoni, Head of FI Investments, Climate Finance, on behalf of responsAbility.
About responsAbility Investments AG responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes to directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns. Since its inception in 2003, responsAbility has deployed over USD 14 billion in impact investments. With over 270 employees collaborating across eight offices, as of 1 October 2023 the company manages USD 4.7 billion in assets across approximately 270 portfolio companies in 72 countries. Since 2022 responsAbility is part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.
About Global IME Bank Global IMEis the first commercial bank in the private sector to establish a branch network in all 77 districts of Nepal. The bank serves over 4.6 million customers through a network of more than 1,100 service centers, which include 350 branch offices, over 369 ATMs, 322 branchless banking services, 66 extension and revenue collection counters, and maintains 3 foreign representative offices.
As of 16 July 2023, the Bank reported total assets of USD 4.0 billion, loan book of USD 2.8 billion, net worth of USD 451 million and deposits of USD 3.3billion. The bank's vision is to become "The Bank for All" and it has consistently expanded its reach to serve every corner of Nepal, diversifying its assets while contributing significantly to the overall Nepalese economy.
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