‘Refinancing not being effectively implemented for tourism industry’



Even though the has brought a of refinancing for the recovery of private industries, tourism entrepreneurs say that the policy is not being implemented effectively.

Lengthy process, and lack of proper response and monitoring from the government are affecting its refinancing scheme, according to stakeholders. The tourism entrepreneurs also claim that those with access to high-level officials are the only ones taking advantage of this policy.

“The age-old trend of ineffective implementation of policies has continued even during this crisis,” said Binayak Shah, senior vice-president of Hotel Association (HAN).

He further said that the concerned authorities have not even perused the applications submitted by tourism entrepreneurs in August of last year.

“We had clearly urged the government to make the process short and easy for the refinancing process, however, the problem has remained as it is,” he said, adding, “People with ‘contacts’ are getting loans easily, but others — though they applied for the refinancing facility as soon as it was launched — have been left waiting.”

Even after submitting all the required documents the banks are not responding properly, he added. He further said that Nepal Rastra (NRB) is not monitoring the activities properly.

Meanwhile, Khum Subedi, president of Trekking Agencies’ Association of Nepal (TAAN), said that the application for refinancing for the trekking sector was called just a week ago. “Although late, we are happy that at least the applications for refinancing for our sector has been called.”

He, however, expressed his doubt over the effective implementation of the provision for the sector. “We just hope that the processes will not be cumbersome,” he said, “However, we are cautiously optimistic as we have seen others still struggling to get the loan.”

He also emphasised on the need to provide loans at the same — five per cent — for new debtors.

Meanwhile, HAN President Shreejana Rana said that the privat

Read the full story on The Himalayan Times

Read Previous

Sugarcane farmers yet to recover due payments

Read Next

Nine foreign firms submit proposals to instal satellite

Got any Comments/ Questions?