Kathmandu, November 19: Nepal Infrastructure Bank Limited, established as the first and only infrastructure development bank of Nepal, has conducted its 2nd Annual General Meeting on Wednesday (November 18).
The meeting, held at the Bank’s registered office located at Kathmandu – 10, Baneshwor, was chaired by Mr. Anuj Agarwal who is also the Chairman of the Bank’s Board of Directors.
In order to safeguard from risks of COVID-19, the Banks’ shareholders had been given an option to participate in the meeting through online platform. Arrangements had also been made to fully comply with the health and safety standards for participants who were physically present in the meeting.
It unanimously approved the Director’s Report of FY 2019/20 and the Bank’s financial statements of the same period. The meet also approved the proposal to issue Initial Public Offering (IPO) of 80 million units of shares worth Rs 8 billion to the public calculated at 40% of the issued capital after obtaining the approvals of the regulators.
The Bank, established with the objective of investing into infrastructure development projects only by raising long term resources within Nepal and from abroad, has approved loans of Rs 6 billion to five projects in Hydro-electricity, Cement Clinkerisation and Solar Energy sectors and disbursed loan of Rs 500 million during FY 2019/20 and further approved loans of Rs 2.85 billion in additional three projects after the review period in current financial year resulting total approved loans of Rs. 8.85 billion.
