The government has provided a loan of Rs 1 billion to firms that have been harmed by COVID-19.

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Until the second month of the current fiscal year, the government has offered a Rs 1 billion loan to workers in the tourism and domestic industry who have been affected by the COVID-19 outbreak.

Following the approval of ‘Business Continuity Loan Disbursement Procedures, 2020’, the loan amount has been issued by Nepal Rastra Bank to the applicant. The government has established special provisions to provide assistance to the tourism industry, as well as domestic and small and medium-sized businesses, which have been particularly hard struck by the pandemic.

In a similar vein, extra assistance has been granted to the pandemic-affected areas throughout the fiscal years 2020/21 and the currently running fiscal year. In addition, the bank has made particular policy provisions in favor of business and entrepreneurship in both the previous fiscal year’s monetary policy and the current fiscal year’s monetary policy.

A loan of Rs 1 billion has been sanctioned by the bank for the of wages to workers and employees of the COVID-19-affected tourism and domestic small and medium-sized firms, according to the bank’s financial statements posted on Monday for the second month of the current fiscal year.

In a similar vein, the central bank’s provision of refinancing at concessional interest rates reached Rs. 118.85 billion by the middle of September. Until present, a total of 120,715 enterprises have taken use of concessional loans.

A total of 51,272 borrowers have benefited from loans for agricultural and animal businesses since their inception. They have borrowed a total of Rs 121.06 billion in loans. In a similar vein, 66,690 women entrepreneurs have benefited from the Women Entrepreneur Loan program, which has seen Rs 62.37 billion in funds disbursed. According to the central bank, a total of 2,753 borrowers have benefited from concessional loans under several other categories.

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