1st May 2025, Kathmandu
On Wednesday, a key meeting took place between the International Finance Corporation (IFC) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) at the FNCCI Secretariat. The discussion focused on boosting Nepal’s economic growth, job creation, and future collaboration between the two organizations.
FNCCI IFC Partnership
Gregory Smith, the IFC South Asia Manager, expressed the corporation’s readiness to collaborate with FNCCI. He emphasized that IFC aims to help strengthen Nepal’s private sector.
According to Smith, IFC can contribute through knowledge sharing, building the capacity of small and medium-sized enterprises (SMEs), and creating meaningful job opportunities for youth.
Smith’s remarks centered on IFC’s ability to assist in making Nepal’s private businesses more resilient and sustainable. He said that by focusing on SMEs, IFC hopes to support the growth of businesses and improve employment prospects, particularly for young people.
FNCCI’s Appreciation for Past Collaboration
Hemraj Dhakal, FNCCI’s Vice President, thanked IFC for its past collaboration. He mentioned that FNCCI and IFC had worked together in the past on various initiatives, which contributed positively to Nepal’s private sector.
Dhakal highlighted the joint report created by both organizations in 2022, titled “State of Nepal’s Private Sector.” He said the report was significant for understanding the strengths, challenges, and potential of Nepal’s private sector. Dhakal added that the report had played a crucial role in guiding policy decisions and investment strategies.
Private Sector’s Role in Key Industries
Manoj Paudel, the Chairman of the FNCCI Investment and International Affairs Forum, discussed the private sector’s important role in various sectors, including tourism, IT, agriculture, education, and healthcare. Paudel pointed out that the private sector has made notable contributions in these fields and that collaboration with the IFC would help enhance its capacity further.
Key Areas for Future Collaboration
Paudel also outlined the areas where he hopes IFC’s technical and institutional support would make a difference. He highlighted knowledge exchange, improving financial access, promoting a green economy, advancing digital transformation, and developing SMEs as key areas for cooperation. He expressed FNCCI’s hopes that these areas would strengthen Nepal’s private sector, improve its competitiveness, and support sustainable development.
Building a Stronger Future Together
The meeting reinforced the shared vision of both organizations to work together for Nepal’s long-term economic growth. By strengthening the private sector, the partnership between IFC and FNCCI aims to create more job opportunities and make businesses more sustainable. Both organizations expressed their commitment to a collaborative effort that would help Nepal overcome its economic challenges and grow towards a brighter future.
This partnership between IFC and FNCCI signals a positive step towards building a more resilient economy. The two organizations plan to work closely on various initiatives, focusing on key industries and addressing the needs of SMEs. Through their joint efforts, Nepal’s private sector can look forward to more growth, increased job opportunities, and improved financial access.
For more: FNCCI IFC Partnership