Kathmandu, December 15: Nepal Infrastructure Bank Limited (NIFRA) has held its first Annual General Meeting today at Hotel Radisson in the capital.
The meeting, chaired by the Chairman of the NIFRA, Mr. Anuj Agrawal, saw the participation of the board members including Mr. Ram Saran Pudasaini, Mr. Chandra Prasad Dhakal, Mr. Lalmani Joshi and Mr. Numanath Poudel. Likewise, Mr. Anil Gyawali, Chief Executive Officer, Mr. Bhupendra Pandey, Deputy Chief Executive Officer, and other senior officials of the Bank were also present in it.
On the occasion, Chairman Mr. Agrawal informed the shareholders about the achievements the Bank made during the review period, the plans and goals set for the current financial year and the future strategies.
The meeting passed the proposal to issue 80 million units of shares worth NPR 8 Billion to the general public after getting the necessary approval. Similarly, it elected unanimously Mr. Anuj Agrawal, Mr. Chandra Prasad Dhakal and Mr. Lalmani Joshi as the Board Members for the tenor of next four years apart from nominating Mr. Ram Saran Pudasaini also as a board member representing the government of Nepal.
The Bank’s paid-up capital stands at NPR 12 Billion, earning per share at NPR 6.10 and net worth per share at NPR 106.57.
Established with the purpose of investing only in infrastructure development projects by collecting long-term resources from domestic and foreign markets, the Bank has already initiated its process of raising NPR 5 Billion from the foreign capital market by issuing an Offshore Bond. So far, it has approved loans of NPR 3 Billion towards two hydropower projects.
On the other side, the NIFRA is said to be identifying and evaluating various other projects in the sectors of solar energy, hotels, resorts, fun parks, cable cars, education, and health. It also plans to expand its investment portfolio into these projects by collecting necessary resources in the near future.
The bank commenced its business from March 2019 as the first national-level infrastructure development bank of Nepal.
